In a shocking turn of events, the former co-owner of the Minnesota Vikings, Michael David Kelly, has been sentenced to over six years in prison for his role in a cryptocurrency fraud scheme. The scheme, which was uncovered in 2019, involved Kelly and two other individuals who were accused of defrauding investors out of millions of dollars.
Kelly and his co-conspirators, John Michael Kelly and Paul R. Riedl, created a fake cryptocurrency company called “Coin Drop Markets” in order to lure investors. The trio promised investors that they would be able to make large profits by investing in the company’s cryptocurrency. However, the company was nothing more than a sham and the money that investors put into it was never invested. Instead, the money was used to pay for personal expenses and to fund other fraudulent schemes.
The trio was arrested in 2019 and charged with wire fraud, securities fraud, and money laundering. In October 2020, Michael David Kelly pleaded guilty to one count of conspiracy to commit wire fraud and one count of money laundering. He was sentenced to 78 months in prison and ordered to pay restitution of $8.2 million.
The sentencing of Michael David Kelly serves as a reminder that cryptocurrency fraud is a serious crime and that those who engage in such schemes will be held accountable for their actions. It is important for investors to be aware of the risks associated with investing in cryptocurrency and to do their due diligence before investing. Additionally, it is important for investors to be aware of any red flags that may indicate a fraudulent scheme.
By taking these precautions, investors can help protect themselves from becoming victims of cryptocurrency fraud. Unfortunately, Michael David Kelly’s case shows that even those with high-profile positions can be susceptible to such schemes.
