Serial MLM crypto scammer Nicholas Coppola has been arrested in Italy.

Coppola had been hiding out in Dubai…

…but appears to have wanted to spend Christmas and the new year in his native Veneto.

Coppola was arrested by Italian financial police in Veneto on December 28th.

As reported by Corriere del Veneto on December 30th, Coppola’s arrest follows “numerous complaint for fraud” from “dozens of Veronese”.

The investigation was led by the Veronese Public Prosecutor’s Office and Economic and Financial Police Unit.

Coppola (right) is accused of using social media to promote illegal cryptocurrency investment schemes.

BehindMLM came across Coppola as an insider of the collapsed Meta Utopia Ponzi scheme in 2022.

Coppola’s attempts to hide his association with Meta Utopia earned him a spot on BehindMLM’s DMCA Wall of Shame.

Italian Public Prosecutors allege Coppola,

as a speaker, in conferences on the topic of virtual currency, during which he illegally proposed and placed financial investment products and services.

Through his illicit conduct, the ” promoter “, also with the help of other compliant subjects , equally under investigation, misled savers through investment proposals at extremely favorable conditions, promising them a ” safe ” and huge return “.

According to the investigators, however, “the negotiation of the investments actually took place in the absence of the authorizations required by the Consolidated Finance Act”.

How many of Coppola’s accomplices are also under investigation is unclear.

Together however, Coppola and his accomplices are believed to have stolen upwards of €500,000 euros.

Following his arrest, Coppola has been released to home detention. CONSOB, Italy’s top financial regulator, has also seized Coppola’s electronic devices.