Two Orange County men were sentenced Monday to more than two years in federal prison for their roles in a cryptocurrency scheme that fraudulently raised $1.9 million, prosecutors said.
Jeremy David McAlpine, 26, of Fountain Valley and Zachary Michael Matar, 29, of Huntington Beach pleaded guilty in August 2021 to securities fraud in connection with the scheme, the U.S. attorney’s office for the Central District of California said.
McAlpine was sentenced to three years in prison, and Matar was sentenced to two and a half years.
They conned more than 2,000 investors into buying Drops, a cryptocurrency that could be used with an automated trading bot called Dex from their company, Dropil Inc., prosecutors said.
McAlpine and Matar made false claims about the cryptocurrency and the trading bot’s profitability, as well as the number of investors and the volume of the investments.
In a white paper published by Dropil, the company claimed that Dex would produce average annual returns of 24%...
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