Joby Weeks pleads guilty to BitClub Network fraud
Jobadiah “Joby” Weeks has plead guilty to two counts of BitClub Network related fraud.
As per the terms of a plea agreement reached with the DOJ, Joby Weeks has pled guilty to conspiring to offer and sell unregistered securities and tax evasion.
I don’t recall specific figures pertaining to Weeks’ tax evasion being included in his original BitClub Network indictment.
As per the plea agreement;
Weeks agrees that he willfully evaded tax reporting requirements for the taxable periods 2015 to 2018.
The parties agree that the combined tax loss … is greater than $3,500,000 but less than $9,500,000.
One can imagine Weeks’ anti-government beliefs and use of cryptocurrency played a significant role in him dodging taxes.
The two counts of fraud Weeks has pled guilty two carry consecutive statutory prison sentences of up to five years each. A statutory monetary penalty will also be applied.
The plea agreement also requires Weeks to pay restitution to BitClub Network victims.
Pending Weeks’ satisfying the terms of the plea agreement, the DOJ will not pursue any further BitClub Network or tax fraud actions. This includes dropping the wire fraud count in Weeks’ indictment.
Week’s plea agreement was accepted by the court on November 5th.
On November 6th bond was set at $2 million dollars. To secure his release, four properties in the US belonging to Weeks and family members have been offered as surety.
Pending Weeks providing pre-trial services with a travel itinerary and a custodian arranging to travel with him from New Jersey to Colorado (presumably a family member), Weeks will be released to home incarceration with location monitoring.
Sentencing has been scheduled for March 17th, 2021.
The DOJ’s case against ringleaders Matthew Brent Goettsche and Russ Medlin continues.
Update 6th February 2021 – Weeks’ sentencing hearing has been rescheduled for September 14th, 2021.
The change was made via a February 5th docket update. No reason for the rescheduling is provided.
Update 5th August 2021 – Weeks’ sentencing has again been rescheduled for September 14th, 2022.
No reason for the rescheduling is provided.
Update August 2022 – Weeks is now scheduled to be sentenced on March 14th, 2023.