On June 28, 2025, Dwayne Golden, 57, was sentenced to 97 months in prison for running a $40 million crypto scam through EmpowerCoin, ECoinPlus, and Jet-Coin. The sentencing took place in Brooklyn federal court, as confirmed by the U.S. Department of Justice (DOJ).
Golden was found guilty of wire fraud and money laundering. Prosecutors said he and his associates misled investors by promoting fake cryptocurrency trading platforms. Instead of trading, they used investor funds to repay earlier victims or kept the money.
The companies collapsed within months, leaving victims with significant losses. The DOJ confirmed none of the platforms engaged in actual crypto trading.
DOJ: No Real Services Behind EmpowerCoin, ECoinPlus
The fraud occurred between April and August 2017. Golden worked with Gregory Aggesen and Marquis Egerton (also known as Mardy Eger) to present the firms as global cryptotrading services.
However, U.S. Attorney Joseph Nocella stated the firms “offered no legitimate services” and conducted no real trading activity.
After the platforms shut down, Golden and his partners tried to obstruct investigations. The DOJ reported that they destroyed evidence and gave false statements during inquiries by the Federal Trade Commission (FTC) and a federal grand jury.
Golden must forfeit $2.46 million. William White, another co-defendant, received a 30-month sentence, while Aggesen and Egerton are awaiting sentencing.
FBI: EmpowerCoin Fraud Shows “Disregard for Integrity”
Christopher Raia, Assistant Director at the FBI, described the case as a clear crypto Ponzi scheme. He said the fraud involved “deceit and false promises” and showed a “disregard for integrity.”
The FBI has requested affected investors to submit restitution claims via its online portal. No deadline was given for filing claims.
Earlier this month, five individuals pleaded guilty to a $36.9 million crypto scam connected to a Cambodian fraud center. The DOJ said they targeted U.S. victims through social media, messaging apps, and dating platforms, promising fake investment returns.
Court records show the defendants misled victims and convinced them to transfer money to fake crypto platforms. The court has not yet released their sentencing details.
Crypto Scam Losses Reach $2.1 Billion in 2025
According to CertiK co-founder Ronghui Gu, crypto scams and wallet hacks have caused over $2.1 billion in losses this year. Most incidents involved compromised wallets or key mismanagement.
The DOJ continues to investigate EmpowerCoin, ECoinPlus, and similar scams. Investors were urged to report suspected fraud through federal channels.