Ian McGinley Quoted by Bloomberg on NFT Fraud
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For its article “Frosties NFT Creators Charged With ‘Rug Pull’ Investor Fraud,” Bloomberg quoted Akin Gump white collar defense and government investigations partner Ian McGinley on a recent arrest of two men charged with defrauding investors of more than $1 million dollars by creating a series of NFTs and abandoning the series after selling out of tokens.
McGinley, who, while an AUSA in the Southern District of New York, served as Co-Chief of the Complex Frauds and Cybercrime Unit, said, “The Frosties rug pull was a modern take-the-money-and-run scheme, one of many in the NFT space. While it’s the first federal prosecution in the space, it won’t be the last.”
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