Crypto Ponzi Mastermind Sentenced to Nearly 8 Years for $40M Fraud
Brooklyn, NY — June 27, 2025 — Dwayne Golden, 57, has been sentenced to 97 months (just over 8 years) in federal prison after being convicted for orchestrating crypto-based Ponzi schemes that defrauded investors of more than $40 million. The schemes—operating under the names EmpowerCoin, ECoinPlus, and Jet-Coin—depended on false promises of guaranteed returns through international crypto trading.
The Scam Unveiled
Between April and August 2017, Golden and accomplices Gregory Aggesen and Marquis Demacking Egerton (aka “Mardy Eger”) pitched their companies as lawful crypto-trading ventures delivering fixed, high returns. In reality, they never executed any genuine trading. Instead, investor funds were diverted to pay earlier backers or misappropriated by the perpetrators themselves—a classic Ponzi structure.
After the collapse, Golden and collaborators destroyed evidence and obstructed federal inquiries from the FTC and a grand jury, compounding criminal allegations.
Legal Fallout & Restitution
U.S. Attorney Joseph Nocella emphasized that no real services were provided and no actual trading occurred. The scheme exploited investor enthusiasm for cutting-edge tech, using lofty language to conceal its fraudulent nature. In addition to imprisonment, Golden faces the forfeiture of approximately $2.46 million, as ordered by the court.
Co-defendant William White has already received 30 months in prison; Aggesen and Egerton are awaiting sentencing. Authorities encourage victims to submit restitution claims via the FBI portal.
Broader Implications
-
Enhanced enforcement: The sentence is part of a broader U.S. justice initiative targeting crypto-related fraud.
-
Regulatory warning: The case underscores the critical need for strong due diligence when investing in crypto—especially when confronted with “guaranteed returns.”
-
Investor caution: With over $2.1 billion lost to crypto fraud so far in 2025, per CertiK, this serves as a strong deterrent and cautionary tale for retail investors
Key Data at a Glance
| Detail | Info |
|---|---|
| Sentence | 97 months (~8 years) |
| Total Fraud | Over $40 million |
| Forfeiture | ~$2.46 million |
| Scam Duration | April–August 2017 |
| Co-defendants Sentenced | William White – 30 months; Aggesen/Egerton awaiting |
This significant sentencing highlights law enforcement’s commitment to targeting crypto-based fraud and protecting investors. If you’d like, I can dig into related regulatory actions or how restitution processes work.
