Bitcoins, the popular cryptocurrency, is at the heart of a high-tech scheme that’s landed one man in legal trouble with the United States government. The California man was accused of being involved with a Ponzi scheme involving at least $722 million. He’s pleaded guilty to the charges he was facing and is expected to be sentenced in January.

The case has to do with Bitcoin mining, a process in which individuals can earn Bitcoins that have just been issued by solving complex algorithms. The man was accused of conspiring to sell unregistered securities and subscribing to a false tax return in connection with BitClub Network. 

The charges come from activities that began in April 2014 and ended in December of 2019. The U.S. attorney handling the case notes that the 50-year-old man promoted mining pools to investors across the world. The scheme also included rewards for recruiting others into the pools. 

There were four other defendants involved in the scheme. One of those men pleaded guilty to his charges in July. Unfortunately, this is only one of the more recent events. These types of schemes have been running rampant in the cryptocurrency industry for years. 

Anyone who is facing charges related to cryptocurrency fraud or any other fraud should make sure they understand their options for handling their case. Working out a plea deal for these cases is sometimes possible, but you should work closely with your attorney to find out how the options might impact you. There might be options available that enable you to avoid harsh penalties and collateral consequences.