A Brooklyn federal judge has sentenced Dwayne Golden to nearly eight years in prison for orchestrating a trio of fraudulent crypto ventures that collectively siphoned more than $40 million from unsuspecting investors.
Golden, 57, was convicted of wire fraud and money laundering in connection with EmpowerCoin, ECoinPlus, and Jet-Coin — companies that promised sky-high returns from crypto trading that never occurred, the Department of Justice announced Friday.
Prosecutors said the scams operated on a familiar playbook: lure investors with guarantees of wealth, pool the money, then use new deposits to pay off earlier participants. The rest was pocketed by Golden and his co-conspirators.
“These were classic Ponzi schemes dressed up in the language of blockchain,” said U.S. Attorney Joseph Nocella.
“The only thing innovative about them was how they exploited public fascination with cryptocurrency.”
EmpowerCoin and ECoinPlus collapsed in 2017 within months of launch, leaving investors facing devastating losses. Golden will serve 97 months in federal prison and forfeit roughly $2.46 million.
Elaborate Lies and Obstruction
Between April and August 2017, Golden worked alongside Gregory Aggesen and Marquis Egerton (known as Mardy Eger) to promote the three bogus firms as global crypto trading powerhouses. In reality, there was no trading and no legitimate business activity, according to investigators.
When authorities began probing the operations, Golden and his partners launched a cover-up campaign — destroying records and lying to both the Federal Trade Commission and a federal grand jury.
“These defendants showed an utter disregard for integrity and the rule of law,” said FBI Assistant Director Christopher Raia.
“Golden’s sentence is a stark warning to other fraudsters who think they can hide behind crypto jargon to fleece the public.”
Co-defendant William White was sentenced to 30 months in prison, while Aggesen and Egerton await their own court dates.
The Department of Justice is encouraging victims to submit claims for restitution through the FBI’s online portal.
Crypto Scams Keep Surging
Golden’s conviction is the latest in a wave of enforcement actions targeting fraudulent digital asset schemes. Earlier this month, five men pleaded guilty in an unrelated $36.9 million crypto fraud, which funneled money from American victims to a scam operation in Cambodia. Prosecutors said the group used social media, messaging apps, and dating sites to pitch fake investment opportunities.
The rise in cases reflects a broader trend: even as the crypto industry matures, fraud remains rampant. According to blockchain security firm CertiK, over $2.1 billion has already been stolen in crypto incidents so far in 2025, with the majority of losses traced to compromised wallets and poor key management.
Authorities have vowed to keep pursuing fraud cases aggressively. As Raia noted,
“Whether the scam involves high-yield trading platforms or false promises of easy wealth, we will continue to hold criminals accountable.”
Quick Facts
- Dwayne Golden sentenced to 97 months for wire fraud and money laundering tied to $40M in Ponzi schemes.
- EmpowerCoin, ECoinPlus, and Jet-Coin never conducted real crypto trading despite marketing claims.
- Two co-defendants are awaiting sentencing; one has already received a 30-month prison term.
- Over $2.1 billion has been stolen in crypto-related scams in 2025 alone, per CertiK data.
