Jeremie Sowerby indicted for Dunamis Mining fraud
Serial MLM crypto Ponzi scammer Jeremie Sowerby has been indicted for a third time.
On December 12th, Sowerby was indicted on charges related to Dunamis Global Technologies.
Dunamis Global Tech began as Dunamis Mining in 2019. By the end of the year Dunamis Mining had been rebranded as Dunamis Global Tech.
Dunamis Global Tech collapsed in December 2019. Like all of Sowerby’s scams, Dunamis Mining and Dunamis Global Tech were MLM crypto mining themed Ponzi schemes.
Sowerby’s Dunamis indictment frames Dunamis as a recovery Ponzi for victims of his previous Ponzi schemes.
Dunamis was devised by Sowerby to address a large pool of aggrieved victims from the last phase of his earlier but separate cryptocurrency Ponzi schemes involving Now Mining, Millennium Technologies, and VIP Mining.
Sowerby (right) was indicted on Now Mining, VIP Mining and Millennium Technologies fraud charges in September. He was indicted again on Softek and Justice Capital fraud charges last month.
Many of the victims from VIP Mining were scammed again into thinking that Sowerby could recoup their losses from VIP Mining through an entirely different company (Dunamis), with yet another deceitful scheme to defraud.
At this juncture, Sowerby was the sole mastermind of Dunamis and had a cadre of conspiratorial underlings being compensated exorbitantly for doing and following Sowerby’s deceitful instructions and behests.
One of Sowerby’s “conspiratorial underlings” was Joe Abel, presented as founder of Dunamis Global Tech.
Abel would go on to be separately indicted for his role in the BitClub Network Ponzi scheme in 2020.
Not surprisingly, BitClub Network was also an MLM crypto mining themed Ponzi scheme.
Coming in at $722 million in consumer losses though, BitClub Network far surpassed any of Sowerby’s scams.
To dupe old and new victims to invest in Dunamis, Sowerby preyed upon many of his victims as if he was some “Biblical” or “scriptural” Noah, building a financial lifeboat, or Ark, in his words, to help victims recover their recent investment losses in Sowerby’s earlier schemes.
Sowerby used these deceptive and enticing religious pitches to inveigle vulnerable victims to risk even more to recover their previous losses.
Instead of paying investors crypto mining profits as advertised, Sowerby
continued to move funds into private bank accounts he controlled himself or through others, and used the defrauded funds to maintain his lavish lifestyle.
All in all through Dunamis Mining and Dunamis Global Tech, Sowerby scammed “approximately 150 victims” out of “several million in losses”.
Victim-investors never truly generated or received any profits from this fraudulent scheme, and victims were never given any meaningful access to liquidate any professed earnings or their original “investment”.
Sowerby’s Dunamis indictment contains thirty-seven counts of wire fraud and thirteen counts of transactional money laundering. Forfeiture of Sowerby’s ill-gotten gains is also being sought.
Sentencing guidelines range up to twenty years per wire fraud and transactional money laundering count.
In his Dunamis indictment alone, Sowerby faces a 1000 year sentence (to be served as a single concurrent sentence of up to twenty years).
Having previously been arrested, Sowerby remains in custody.
Presented at his third arraignment on December 14th, Sowerby pled not guilty to all charges. A Detention Hearing has been scheduled for December 19th.
Beyond that, a preliminary criminal trial has been scheduled for February 13th. I suspect this will be pushed back at some point.
Update 14th February 2024 – On February 6th the court found “a preponderance of the evidence that [Sowerby] is a serious flight risk.” As such, Sowerby was ordered detained pending trial.
On February 9th, the court rescheduled Sowerby’s Dunamis Mining trial for May 14th, 2024.