Leader of Miami Trio Pleads Guilty to $4M Bank, Crypto Fraud Charges #prizmabet

The leader of a Miami crew charged by the U.S. Department of Justice (DOJ) with defrauding banks in a 2020 cryptocurrency-related scheme has pleaded guilty, an official notice from Wednesday said.

Esteban Cabrera Da Corte was one of three individuals arrested in relation to the crime, and was accused of “participating in a scheme to steal millions of dollars’ worth of cryptocurrency and trick U.S. banks into refunding the millions used to purchase that cryptocurrency, in part by using personal identifying information stolen from other people.”

The scheme saw U.S. banks processing more than $4 million in false reversals, while a cryptocurrency exchange lost around $3.5 million worth of digital assets, the DOJ’s notice said.

Cabrera, a 26-year-old from Miami Florida, pled guilty to “one count of conspiracy to commit wire fraud,” which comes with a 20-year prison sentence, and has agreed to pay restitution of $3.6 million – with an additional forfeiture of $1.2 million.