Illegal New Yorkers receive more than $ 7 million in distribution assistance through fraudulent loan applications and ICOs.

Taiwanese New York resident Justin Cheng earned more than $ 7 million in fraudulent loan applications in 2018 and scammed investors into fraudulent ICOs, according to a report released by the US Department of Justice on April 20, according to Cointelegraph , according to the report. by the US Department of Justice on April 20. Click. The money was spent on personal luxury items including Rolex watches, luxury cabinets and the new Mercedes-Benz. From August to October 2018, he distorted the company's financial picture and P2P lending platform plans when recruiting for Alchemy Coin Technology Limited, the company involved ICO, and the financial services company no. disagreed. 't. District Judge Alison J. Nathan set a date for the verdict on August 3, and Justin Cheng was sentenced to 80 years in prison.