DOJ files charges against Ryan Ginster over MLM crypto fraud
Ryan Mark Ginster has been arrested on charges relating to multiple MLM crypto Ponzi schemes.
Ginster (right) is facing wire fraud and money laundering charges.
The DOJ’s criminal complaint primarily details Ginster’s operation of Social Profimatic, launched in 2018.
Social Profimatic was an MLM crypto Ponzi scheme touting an 8% daily ROI.
Subsequent crypto Ponzi schemes attributed to Ginster include Automatic Bitcome (2017), My Micro Profits (2020), eProfit Hub (2020) and Your Net Profits (2020).
Ginster set up some of his Ponzi schemes through HYIPs4U.
HYIPs4U, whose website is still operational, provided Ginster with Ponzi scripts and bogus UK shell incorporation.
BehindMLM has been calling out the UK government’s complicit support of MLM Ponzi schemes for years.
An affidavit supporting the DOJ’s criminal complaint concludes;
The evidence shows that GINSTER used the Subject Website and other websites to direct investors to send funds to bitcoin addresses controlled by him. GINSTER then transferred bitcoin from those addresses to an account he held at Coinbase as well as to other currency exchangers, gambling websites, and elsewhere.
GINSTER used Coinbase to convert bitcoin to US Dollars and then transferred those monies to a bank account held personally by GINSTER.
In total Ginster’s various Ponzi schemes took in over $5 million in cryptocurrency. Today the street value of that amount is even higher.
With the exception of UK shell companies, in the formation of which Ginster used his actual name, Ginster went out of his way to hide ownership of his Ponzi schemes.
Nonetheless a Special Agent with the Criminal Investigation Division of the IRS was able to tie Ginster to the scams, through
IP address information, domain name purchase records, bank records, cryptocurrency exchange account information, and cryptocurrency transaction information discovered in search of his residence.
Ginster’s residence was raided on February 23rd, 2021.
The DOJ filed their sealed criminal complaint against Ginster on November 16th.
Ginster was arrested in Los Angeles on November 18th. He has been formally charged with one count of wire fraud and five counts of engaging in monetary transactions to conceal or disguise.
As of yet Ginster’s criminal case has yet to appear on Pacer. I’ll check back tomorrow for updates.
The SEC has also filed a civil case against Ginster pertaining to the same fraudulent conduct.
Update 6th December 2021 – Ginster’s arraignment has been scheduled for January 5th, 2022.
A $100,000 unsecured bond was set as part of Ginster’s conditions of release on November 30th.
Update 16th February 2022 – A status conference and preliminary examination, previously scheduled for March 9th, has been rescheduled for May 27th.
The DOJ requested the extension on February 4th, stating “the parties need additional time to meet and confer, and to review materials relevant to this case”.
Update 3rd September 2022 – Delays due to the size of the case against Ginster have continued throughout 2022.
As at the time of this update, the preliminary examination hearing, scheduled for September 2nd, has been rescheduled for October 8th.
I’ll try to keep the article updated if the October 8th hearing is again rescheduled. If you’re reading this, it’s past October 8th and there’s no updates below, assume the hearing is still in delay limbo.
Update 8th October 2022 – Not sure why but Ginster’s primary case number was changed.
Looking at the “new” case docket, Ginster’s arraignment was held on September 28th. At his arraignment, Ginster pled not guilty.
A Plea Hearing has been scheduled for November 16th.
The DOJ has also filed for permission to set up a victim notification website. A decision on that motion remains pending.
Update 30th October 2022 – The DOJ’s victim notification website motion was approved on October 11th.
Update 17th November 2022 – As per a granted November 14th joint stipulation filing, Ginster’s Change of Plea hearing has been continued to December 14th.
No reason for the delay was provided in the stipulation filing.
Update 15th December 2022 – Ryan Ginster has pled guilty to one count of wire fraud.
Is fun to see such criminals being nabbed a bit earlier in their pursuit of pillaging their naive Marks – at least from a monetary pendulum swing on the “low” side.
How sure are we that the pic of him is accurate? I’m assuming you got the pic from twitter.com/ryanginster but when you go to his site
there seems to be a lot of “Ryan Mark Ginster” the blog is very weird. The blog also links to ryanginster.yolasite.com which shows even more “Ryan Mark Ginster”.
Is there evidence other than the twitter that it’s him?
I think I found the real “Ryan Mark Ginster” waxhaw.com/home/showpublisheddocument/960/637556733928370000
It says hes from LA and his DOB of is 7/1/1987 which would make him 34. DOJ complaint says hes 34 and from the LA area.
That photo was sourced from Twitter. USA and Ryan Mark Ginster. It’s a pretty specific name.
The DOJ complaint identifies him as Ryan Mark Ginster. I did come across another match but the guy looked too young (and the photo had no date).
I did see the YolaSite but dismissed it as some SEO bs. What I didn’t do is look up “ryanmarkginster.com” on Wayback, I only noted the domain was defunct.
Could be your guy in the wanted photo or the Twitter guy. Anyway seeing as there’s now doubt better to be cautious so I’ll remove the photo.
It wouldn’t surprise me at all to learn Ginster was into CC fraud prior to jumping on the crypto fraud bandwagon. The DOJ complaint didn’t reference any prior crime though.
If we can confirm at a later date I’ll go with that otherwise Ginster will have to remain faceless. Thanks for the digging.
Love the name “Ginster” with the hair colour (Ginger) lol.
Additional research took me to addresses.com on a search for Ryan Ginster, it led me to a result where he is mentioned
as being associated with a Mark E Ginster, presumably a relation and it gives an address for a Ryan Ginster (82) in Corona, CA as does the SEC complaint.
The age of 82 is either wrong or possibly he lives with a relative of the same name.
This has to be him, if you then click the link for the address “1443 Pinewood Dr, Corona California” it then brings up people living there, 2 names, I searched these of facebook and the first name Lesly Argueta, there are a few of them yielded results.
Looking at the pictures in her facebook the wanted poster Ryan Mark Ginster appears in them. That is no coincidence, he is older but you can easily see it is the exact same person with ginger hair.
Here is the facebook images link: facebook.com/lesly.argueta.92/photos
This looks like solid research to me.
There might be an explanation on the 82 year old Ginster in the photo section of Argueta’s Facebook profile:
He doesn’t look 82 in the photo but I’m pretty sure that’s Ginster Sr. on the right.
I’m convinced redhead Ryan is our guy so I’ll add his profile to the article. Thanks for the additional research.
I have been in contact with the Waxhaw police, the reason no prior criminal activity was stated is because he was never convicted of the alleged credit card fraud and identity theft because they had not been able to extradite him from California, so he is still actively wanted there.
They have been informed of the current charges and may be able get their hands on him while in jail to charge and try him for the alleged crimes committed there.
The yolasite and other stuff that looks like SEO stuff seem to have appeared shortly after that wanted poster is dated, it might just be coincidence but I’m going to take a guess that Ginster may well have created some of these pages to obfuscate the trail to him as there can’t be very many people with an unusual name like that. That is just conjecture though.
Ah OK. Thanks for filling in that blank.
Not sure how the NC charges play against the DOJ’s California case. I suspect Ginster will be going to prison for a while.
For white collar crimes probably not that long in jail if he does a plea deal which given the amount of damning evidence they have against him is probably his best and only option and then serving his time in a low security jail.
They may transfer him to NC near the end of his sentence to face charges there but his business in NC will be the least of his worries I would expect.
On the age question, the (82) I could not find another Ryan Ginster so I backtracked back to the original search where I found him as related to a Mark E Ginster.
I did some research on google, it turns out and you can’t even make this stuff up that Mark E Ginster is the Vice President and Branch Manager at Carrollton Bank, the criminal complaint states the below:
justice.gov/usao-ndca/press-release/file/1449421/download criminal complaint here.
Mark E Ginster is 62 according to his linkedin profile that I found. linkedin.com/in/mark-e-ginster-72604522/
Given his stated age maybe his father or uncle?
The Carrollton bank site shows his picture and says he is a home loan officer there carrolltonbanking.com/home-loans/officers/
I sincerely doubt that is a coincidence either and I wonder if the investigators at the SEC or DOJ made this link as it is not mentioned in the SEC or DOJ complaint, he could well be innocent of any wrongdoing and could also have been eliminated as a suspect but it certainly doesn’t look good.
That’s the same guy I pointed out in the Facebook photo. I’d go with father.
Not the first time someone running an MLM Ponzi scheme used a bank a relative had ties to. TelexFree’s Jim Merrill used a bank his brother was a Manager of.
The picture of Mark E Ginster looked familiar, I am quite sure I saw him in one of the group gathering pictures on the facebook page so I went to verify it and the facebook account is now either private or deleted.
I strongly suspect that he is a lurker in here reading these posts and that is why it has suddenly vanished since being posted in here but a very good indication the research is correct and that he is monitoring the posts here.
Once again, too much of a coincidence and quite likely an attempt at damage limitation and exposure. I wonder if the Mark E Ginster material will soon start vanishing too?
I did a facebook search and found Mark E Ginster Here and looked at the photos, same person as the banker and linkedin account.
No pictures of Ryan Ginster though, his facebook page says he is married to Julie S* G* (obfuscated as she is likely innocent), a look through her photos and there are pictures of Ryan Mark Ginster in there with Mark E Ginster.
For the sake of posterity and a high likelihood of them suddenly vanishing I screencaptured a couple of the pictures (I will keep hold of them in case they are needed as proof, however they feature other people who are likely innocent and it wouldn’t be fair to directly link them to this) which without a doubt prove beyond any doubt that Ryan Mark Ginster and Mark E Ginster are related.
As one of them is a wedding photo I am almost certain that Mark E Ginster is his father and that Ryan Mark Ginster was attending a brother or sister’s wedding [conjecture].
I think we were looking at the same wedding photo.
Someone tied to Ginster is definitely reading along, Lesly Argueta/Ginster’s entire Facebook profile has been nuked. It was accessible only a few days ago.
Oh well, Ginster was the only person of interest and we sorted that out.
Ginster’s criminal case in the Central District of California has shown up (Nov 18th).
Nothing of interest on the CD docket other than Ginster can’t find his passport. Bail was set at $100,000 and doesn’t appear to have been paid.
On Nov 23rd the case was moved to California’s Northern District.
I have a case number but it’s not up on Pacer yet. Assuming Thanksgiving delay.
Article updated with Ginster’s bond and arraignment details.
There is now criminal case info:
Also the C.D docket:
Article updated with status conference and preliminary examination delay.
Article updated on latest ongoing Ginster case delays.
Article updated with Ginster’s not guilty plea.
Article updated with new Ginster Change of Plea hearing date.