After pleading not guilty to four counts of Bitcoiin related fraud in April, a few days ago DeMarr entered a change of plea.

Proceedings were held on July 30th, at which DeMarr changed his plea to guilty.

Interestingly, DeMarr’s original indictment detailed four counts of fraud. DeMarr’s change of plea applies to the first count of conspiracy to commit securities fraud.

I’m not 100% sure but I believe this is an indication of a plea agreement between DeMarr and the DOJ.

It is highly likely that in exchange for dropping the other three counts of fraud, DeMarr has entered into a cooperation agreement of some kind.

This would pertain to collection of evidence against those above DeMarr – namely Krsitijan Krstic.

Krstic (right) has been separately indicted on fraud charges relating to Bitcoiin. He has also been indicted for running a decade long $70 million dollar Ponzi empire.

Krstic was arrested last year in Serbia on an international arrest warrant. He is facing life in prison if convicted.

The US is has requested Krstic’s extradition but he has filed multiple appeals.

I imagine insider plea deals from insiders such as DeMarr and Antonije Stojilkovic will strengthen the DOJ’s case.

To what extent that might impact extradition proceedings though I can’t say.

John DeMarr is facing a maximum five-year prison sentence. He is scheduled to be sentenced on January 4th, 2022.

 

Update 6th January 2022 – On November 18th DeMarr’s January sentencing was rescheduled for April 8th, 2022.

The accepted reason for the adjournment was holiday scheduling with response to filings.

 

Update 6th February 2022 – On January 11th DeMarr’s sentencing was rescheduled again for April 5th.

 

Update 7th April 2022 – DeMarr’s sentencing hearing was held on April 5th but didn’t result in a sentence.

DeMarr appears to have objected to the DOJ’s Pre-sentence Report. And whatever that objection was, it was unable to be resolved on April 5th.

As a result DeMarr has been directed to file his PSR objection by April 11th. The DOJ will then file a response by April 13th.

Pending resolution of DeMarr’s objection(s), stay tuned…

 

Update 20th May 2022 – DeMarr has a new sentencing hearing scheduled for May 25th.