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Colorado Man Sentenced for Stealing Millions in Cryptocurrency from Pennsylvania Woman
(WJET/WFXP) — A Colorado man originally from Pennsylvania has been sentenced after pleading guilty to stealing millions of dollars in cryptocurrency from a Pennsylvania woman.
A Philadelphia-area judge sentenced Adam Davis, 47, of Coatesville, Pennsylvania, to 33 months in prison, followed by three years of supervised release, and ordered to pay about $2.1 million in damages after pleading guilty to a single charge of wire fraud in January.
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According to U.S. Attorney Jacqueline C. Romero, Davis was hired to help a Bucks County woman manage $395,000 of her investments by giving him access to her digital wallets between January 2014 and May 2021.
During that time, Davis transferred a total of $2.1 million in cryptocurrency from his account to his own and moved it to numerous other accounts to cover the theft with the stolen assets, which were eventually worth $8 million in January 2021.
By the time the victim realized it, Davis had already cashed in the stolen cryptocurrency and spent it on personal expenses and a new business venture.
“Whether it’s cryptocurrency or cash, stealing money that doesn’t belong to you is a crime,” said U.S. Attorney Romero. “Adam Davis took advantage of someone who turned to him for guidance, mocking the victim as he drained assets from their accounts. My office and the Secret Service will not hesitate to hold cybercriminals accountable for the laws they broke and the harm they caused to their victims.”
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The case was investigated by the United States Secret Service and prosecuted by Assistant United States Attorney Sarah M. Wolfe. United States Secret Service analysts also played a significant role in this case.