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Prosecutors in the Eastern District of New York have accused a California man of an $11 million cryptocurrency fraud scheme, arguing that he violated securities laws by claiming he would invest others’ money through two companies while actually buying jewelry, a Porsche and home renovations.

According to the complaint, which was unsealed Monday in Brooklyn, defendant John DeMarr worked as a private detective and ran his own private investigations firm before becoming involved with the cryptocurrency companies.

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Jane Wester

Jane Wester is a litigation reporter for the New York Law Journal. Email her at [email protected] or find her on Twitter @janewester.

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