Ryan Ginster sentenced to 2+ years in prison for MLM Ponzis
Prolific MLM crypto Ponzi admin Ryan Mark Ginster has been sentenced to 27 months in prison.
Ginster’s sentence was handed down following a entry of a guilty plea last December.
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.
Between 2017 and 2020, Ginster’s Ponzi schemes took in $5 million. A restitution hearing has been scheduled for June 28th.
Update 29th June 2023 – Ryan Ginster’s restitution hearing has been rescheduled for August 2nd, 2023.
Update 19th January 2024 – Ryan Ginster died serving his prison sentence on December 9th, 2023.