Crypto Scammer Sentenced to Nearly 8 Years for $40 Million Ponzi Scheme Involving EmpowerCoin, ECoinPlus, and Jet-Coin
A federal judge in Brooklyn has sentenced Dwayne Golden, 57, to 97 months (just over eight years) in prison for orchestrating a massive cryptocurrency Ponzi scheme that defrauded investors out of more than $40 million. Golden’s sentence stems from his leading role in fraudulent operations tied to three digital asset companies: EmpowerCoin, ECoinPlus, and Jet-Coin, according to an announcement from the U.S. Department of Justice (DOJ).
The Scam and Its Operation
Between April and August 2017, Golden and his associates—including Gregory Aggesen and Marquis Egerton (also known as Mardy Eger)—lured investors by falsely promising guaranteed high returns from cryptocurrency trading. The firms were deceptively marketed as international crypto trading operations. However, no actual trading took place. Instead, incoming funds were used to pay earlier investors and to enrich the conspirators, classic indicators of a Ponzi scheme. Ultimately, the companies collapsed soon after collecting deposits, leaving investors with substantial losses.
Federal prosecutors charged Golden with wire fraud and money laundering for orchestrating these fraudulent activities. In addition to his prison term, Golden was ordered to forfeit approximately $2.46 million. One co-defendant, William White, received a 30-month prison sentence, while Aggesen and Egerton are still awaiting sentencing.
Attempts to Obstruct Justice
After the companies folded, Golden and his co-defendants actively attempted to obstruct investigations by the Federal Trade Commission and a federal grand jury. Their efforts included destroying evidence and providing false information, which further compounded their legal troubles.
United States Attorney Joseph Nocella characterized the scam as an exploitation of the excitement and naïveté surrounding emerging cryptocurrency technologies. “Golden and his co-defendants offered no legitimate services and none of the companies engaged in any actual trading in cryptocurrency as they claimed,” Nocella stated.
FBI Assistant Director Christopher Raia described the conspiracy as “an elaborate scheme rooted in deceit and false promises to swindle investors.” He condemned Golden’s actions as demonstrating “an utter disregard for integrity” and praised the sentencing as a strong warning against crypto fraud.
Call for Victims to Seek Restitution
The DOJ is encouraging victims of the EmpowerCoin, ECoinPlus, and Jet-Coin scams to submit claims for restitution through the FBI’s dedicated portal. The pursuit of justice and compensation for affected investors continues as law enforcement efforts to combat financial crimes in the crypto space intensify.
Context: Rising Crypto Scams in 2025
This case joins a growing list of significant cryptocurrency fraud prosecutions in 2025. Earlier this month, five individuals pleaded guilty to a separate $36.9 million crypto scam targeting Americans and funneling proceeds to a crypto scam center in Cambodia. These defendants used social media, messaging apps, and dating platforms to lure victims with false promises of profitable crypto investments.
Cybersecurity firm CertiK’s co-founder Ronghui Gu reports that over $2.1 billion has already been stolen in crypto-related incidents so far this year, with common vulnerabilities including wallet compromises and poor key management.
Conclusion
The conviction of Dwayne Golden and his associates underscores the continued risks posed by fraudulent actors in the cryptocurrency industry. Authorities remain vigilant in prosecuting such scams to protect investors and maintain integrity in emerging digital financial markets.
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For investors affected by the EmpowerCoin, ECoinPlus, and Jet-Coin scams, the FBI has established a portal to submit restitution claims. Details are available on the Department of Justice website.
This article was compiled with information from the U.S. Department of Justice and Cointelegraph reporting as of June 2025.