Mining Capital Coin CEO indicted in DOJ fraud case

The Department of Justice is levying a case against the CEO of Mining Capital Coin (MCC) for allegedly running a $62 million global fraud scheme. Luiz Capuci, Jr. was indicted for allegedly misleading investors about MCC's mining and investing program. Capuci and his team allegedly claimed the firm's international network of mining machines could generate large profits and guaranteed returns if investors' bought into the so-called "Mining Packages."Capuci allegedly told investors their funds would be used to mine new cryptocurrency. In all these cases, the DOJ contends that Capuci did not use the funds to mine crypto or deliver returns from trading bots, but diverted them to his own wallets. The DOJ also alleges Capuci ran MCC as a pyramid scheme, promising promoters and affiliates gifts and rewards for luring other investors. Capuci is charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud and conspiracy to commit international money laundering, which all together reached a maximum penalty of 45 years in prison.