A U.S. federal court has sentenced Dwayne Golden to 97 months in prison for orchestrating a crypto Ponzi scheme that defrauded investors of more than $40 million.
The 57-year-old man misled victims by promising high returns through what he claimed were profitable crypto investments. In reality, he used funds from new investors to pay earlier participants, a classic crypto Ponzi scheme structure.
In September 2024, Golden pleaded guilty to conspiracy to commit wire fraud and money laundering. Alongside Gregory Aggesen, Marquis Egerton, and William White.
Rather than engaging in legitimate trading or investment activity, the accused diverted substantial portions of the money for personal use, including luxury purchases and lifestyle expenses.
How Was The Crypto Ponzi Scheme Carried Out?
On June 27, 2025, Dwayne Golden was sentenced to 97 months in prison by U.S. District Judge William F. Kuntz II in Brooklyn federal court.
Golden had pleaded guilty in September 2024 to conspiracy to commit wire fraud and money laundering. Along with co-defendants Gregory Aggesen, Marquis Egerton (a.k.a. “Mardy Eger”), and William White, he ran three fraudulent crypto investment firms: EmpowerCoin, ECoinPlus, and Jet-Coin.
These platforms falsely promised investors guaranteed profits from overseas crypto trading.
Instead, they operated as crypto Ponzi schemes, using money from new investors to pay earlier participants or enrich themselves.
The sentencing marks a major development in the Justice Department’s crackdown on crypto-related financial fraud.
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The scheme targeted retail investors seeking to profit from the growing cryptocurrency market.
Many were drawn in by false claims, fabricated account statements, and misleading marketing materials designed to create the illusion of a thriving and secure investment platform.
Over time, the fraudulent operation unraveled as the promised returns became unsustainable.
Authorities Conduct In-Depth Investigation Leading to Arrest, Trial, and Conviction
Authorities launched a thorough investigation, leading to his arrest, trial, and ultimate conviction.
In addition to the prison sentence, he has been ordered to forfeit assets and may face restitution requirements to compensate the victims.
The case serves as a stark reminder of the risks associated with unregulated crypto investments and highlights the U.S. government’s increasing focus on prosecuting digital asset-related financial crimes.
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Golden and Associates Accused of Obstructing Crypto Fraud Investigations
Between 2017 and 2022, Dwayne Golden, Gregory Aggesen, and William White allegedly worked together to obstruct investigations into their fraudulent crypto schemes.
They sought to interfere with an ongoing Federal Trade Commission (FTC) probe as well as a federal grand jury investigation.
Prosecutors say their actions included concealing evidence and providing false or misleading information to authorities. Specifically, William White reportedly acted on Aggesen’s behalf to submit deceptive statements in response to official subpoenas, aiming to mislead investigators and delay enforcement actions.
These efforts to obstruct justice further deepened the severity of their crimes, highlighting a deliberate attempt to cover up the crypto Ponzi operation and evade legal consequences. The obstruction charges added to the weight of the prosecution’s case.
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