The FBI dismantles a $1 billion cryptocurrency fraud scheme.
Wengui was detained and will be tried in a federal court in New York, according to a report. Wengui, who went by the alias Ho Wan Kwok, and his financier Kin Ming Je were charged with wire, securities, and bank fraud by the FBI and Securities and Exchange Commission (SEC).
According to national authorities, Ming Je and Wengui utilized their clout on social media and other channels to find victims for their $1 billion cryptocurrency crime. The defendants are accused of buying expensive goods with the money they made through the illicit plan, including Ferraris, a 50,000-square-foot home, a yacht, and more.