Idin Dalpour used false promises of huge returns on crypto trading to fill his pockets
A New York man is facing federal charges after being arrested for allegedly being the mastermind behind an elaborate Ponzi scheme that robbed $43 million from investors. The scam focused on cryptocurrencies and Las Vegas, and the fraudster is now looking at significant jailtime.
The Federal Bureau of Investigation (FBI) arrested Idin Dalpour, who was charged with several crimes related to his fraudulent activities, including deceptive investment opportunities in a Las Vegas hospitality project and crypto trading. Damian Williams, the US Attorney for New York’s Southern District, and James Smith, the Assistant Director of the FBI’s New York Field Office, filed the charges on May 1.
Dalpour reportedly attracted investors after soliciting them through his entity and guaranteeing sizeable returns while falsely claiming he held significant hospitality and crypto industry interests.
The FBI indictment states that Dalpour claimed to purchase crypto at wholesale prices to sell to retail investors. He also promised annual returns of at least 42% and assured victims their investments would be safe by claiming he had arrangements with insurance and escrow firms.
Dalpour is also accused of falsifying bank statements, forging contracts, and using fake emails to make his ventures seem legitimate. According to the FBI, he used the funds to pay early investors and cover his personal expenses and significant gambling losses.
Dalpour’s tactics were first discovered when he confided in several victims who challenged him last November, later confessing by saying, “[w]hat you already have, you have, you can put me in jail now. Like right now.”
FBI Assistant Director James Smith said, “Today’s arrest illustrates the FBI’s dedication to maintaining economic justice and ensuring the actions of one individual are not at the expense of others.”
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
