Crypto Scammer Gets 8-Year Sentence for $40M Ponzi Scheme Involving eEmpowerCoin and ECoinPlus
A New York federal court has sentenced 57-year-old Dwayne Golden to nearly eight years in prison for orchestrating a fraudulent cryptocurrency scheme that defrauded investors out of more than $40 million. Golden’s sentencing marks one of the most significant legal outcomes yet in the crackdown on crypto-related financial crime.
A Classic Ponzi Scheme Disguised as Crypto Innovation
According to the U.S. Department of Justice, Golden operated three sham digital asset firms—EmpowerCoin, ECoinPlus, and Jet-Coin—that promised guaranteed returns from crypto trading that never actually occurred. Federal prosecutors described the setup as a textbook Ponzi scheme: funds from new investors were used to pay off earlier ones, while Golden and his partners siphoned off large sums for themselves.
“These weren’t investment firms,” said U.S. Attorney Joseph Nocella. “They were vehicles for deceit, exploiting public enthusiasm for cryptocurrency to steal millions.”
The scam ran between April and August 2017, a time when public interest in digital currencies was surging. Golden and his co-conspirators marketed the firms as international trading operations, but none engaged in any legitimate business activity. Instead, the companies collapsed shortly after raising funds, leaving hundreds of investors with empty promises and significant financial losses.
"Dwayne Golden and his co-conspirators took advantage of investor interest in exciting new technologies to perpetrate a fraud scheme that is as old as time, and to make millions of dollars for themselves in the process," said U.S. Attorney Joseph Nocella in a statement. "Golden and his co-defendants offered no legitimate services and none of the companies engaged in any actual trading in cryptocurrency as they claimed."
Obstruction and Sentencing
Golden’s criminal conduct didn’t stop at fraud. After authorities began to investigate, he and co-defendants Gregory Aggesen and Marquis Egerton (aka Mardy Eger) attempted to obstruct justice by destroying evidence and misleading investigators.
Golden was found guilty of wire fraud and money laundering, and in addition to the 97-month prison sentence, he was ordered to forfeit approximately $2.46 million. One co-defendant, William White, has already been sentenced to 30 months. Sentencing for Aggesen and Egerton is still pending.
The FBI's Christopher Raia called the operation “an elaborate scheme rooted in deceit and false promises,” adding that Golden’s sentence should serve as a warning to anyone looking to abuse the crypto space for personal gain.
A Broader Pattern of Crypto Crime
Golden’s case is just one among a growing wave of crypto-related scams. Earlier this month, five men pleaded guilty in a separate $36.9 million fraud involving fake investment schemes that targeted U.S. victims via social media and dating apps. The stolen funds were funneled to a crypto scam hub based in Cambodia.
Crypto theft remains a serious concern in 2025. Blockchain security firm CertiK reports that over $2.1 billion has already been lost this year, largely due to compromised wallets and poor key management.
Victims of the Golden-led scam are being urged to submit restitution claims through the FBI’s dedicated portal.