Will PA Investors' Loss of Millions in Crypto Market Lead to Charges?

December 5, 2024

By Terrell A. Ratliff, Esquire • 3rd December, 2024 

In September of 2024, the FBI released its Cryptocurrency Fraud Report, which included estimated losses in Pennsylvania of $123,530,269 with 1,773 complaints. Pennsylvania ranked 8th among states for monetary losses in the Crypto Market. Crypto crime is challenging for law enforcement because of the speed and irreversibility of transactions. Investors may feel they have no choice but to file a complaint with the FBI, and many do. This complaint may even be reported online at the FBI's Internet Crime Complaint website. Many people anticipate this will lead to charges for those selling or marketing cryptocurrency in PA.

If you are charged with or accused of financial fraud, you need to take action to hire an experienced attorney immediately. White-collar crimes, including financial or crypto fraud, require knowledge and experience to defend. The Lento Law Group Criminal Defense Team is experienced in financial and white-collar crimes. Call the Lento Law Group at 1-833-Leno Law or submit your details online, and we will promptly contact you.

Financial or Cryptocurrency Fraud Crimes

The FBI investigates crypto losses because these crimes most often lead to federal white-collar crime charges. Cryptocurrency fraud allegations may lead to charges for:

  • Wire Fraud, or Conspiracy to Commit Wire Fraud.
  • Securities Fraud, or Conspiracy to Commit Securities Fraud.
  • Commodities Fraud, or Conspiracy to Commit Commodities Fraud.
  • Telemarketing Fraud.
  • Fraud in Connection with Email.
  • Misuse of Funds or Embezzlement.
  • Violations of various other Securities laws.

Every case is different, and the charges against an individual depend on the case's alleged facts. Apart from these criminal charges, a crypto firm or seller may face a civil complaint from federal authorities.

Proposed PA Crypto Protection Law

As of October 2024, the PA House passed the Digital Assets Authorization Act with overwhelming support. If enacted, this law would protect the right to hold and use cryptocurrency, including to pay for government services. This crypto-friendly law will likely be enacted but will not change the existing regulatory framework for cryptocurrency and financial fraud. Still, hiring counsel who stays current on the rapidly evolving enforcement scheme in the cryptocurrency market will be important.

Federal Court

The federal court process presents many challenges to a defendant. You will be up against the federal government and its agencies, and they have substantial resources. It is helpful to find counsel who is comfortable communicating with federal prosecutors and knowledgeable about the intricacies of federal procedure. The Lento Law Group prides itself on listening to clients and pursuing a defense that the client is comfortable with, leading to the best possible outcome.

The Lento Law Group has a decade of experience defending people accused of white-collar crime in Pennsylvania. If you are charged anywhere in the Keystone State, the Lento Law Group Criminal Defense Team can defend your freedom and good name. Call us at 888-535-3686 or submit your details online, and we will promptly contact you.

 Will PA Investor Losses in Crypto Lead to Charges? | Lento Law Group

The Lento Law Group defends those charged with any type of cryptocurrency charge, including federal fraud charges.

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Fortunately, the law recognizes the tendency of children to view all the world as a playground, and imposes a special duty on owners of such things as swimming pools and trampolines to protect children from the hazard these things can represent. Like many states, New Jersey has adopted this principle of tort law, called the attractive nuisance doctrine. Put simply, an attractive nuisance is any man-made construct present upon land, which may lure children, and which can cause them bodily injury should they play on, in, or around it. The defining characteristic of an attractive nuisance is just that – that it is attractive to children and that the potential fun the attractive nuisance poses, entices a child like a moth to the flame. Swimming pools, playground equipment, and other artificial landscaping features can make your yard a magnet for every kid in the neighborhood, but the very things that might make your yard so enticing to a child may also be the very things that make it so potentially dangerous for them. As a result of this potential for harm, the law places a heightened duty on property owners who have items that will both attract children and present a unique potential for harm. The theory is that children are too young to appreciate the risk of harm these attractive nuisances pose, and therefore, because these items essentially induce a child into a hazardous area of your property, the property owner is expected to take special precautions to mitigate the risk of harm, for example, by putting a fence around a pool. Elements of Attractive Nuisance If the property owner knows, or reasonably should know, that children are likely to trespass upon his or her property; In response to an artificial condition present upon the land; Which the property owner knows, or reasonably should know poses an unreasonable risk of death or serious bodily injury; Such that a child, because of their youth, does not discover the condition or realize the risk involved; and Said property owner fails to take reasonable precautions to safeguard against the risk of injury. Common Attract Nuisances Water Features Studies suggest that an adult can drown from as little as six tablespoons of water. This number is even smaller for a child. Water features on property – including fountains, pools, and wells – can pose an enormous risk of drowning to children who may want to splash around inside, particularly if they cannot gauge how deep the water is, and especially if they have not yet learned to swim. A swimming pool is the most common example of an attractive nuisance, and as the summer weather soon comes upon us, pool owners – especially owners of inground pools – should be particularly mindful of the hazard posed by the attractive nuisance. As a pool owner, you could be liable for accidents even if children sneak into your pool without your consent. Whether the pool is in-ground, above ground, or even a kiddie pool, you can reduce your risk by surrounding your pool area with a fence, installing a locking gate (preferably one with an audible alarm), and covering the pool with a safety cover when not in use. New Jersey has passed legislation specifically outlined the heightened obligation of pool owners. Under New Jersey’s swimming pool safety act, called “William’s Law,” any pool must be fenced or walled in with a structure of at least 5 feet high and without any openings wide enough for a 4-inch object to pass through it. 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