Crypto Scammer Gets 12-Year Sentence After Failing to Repay Victim

Nicholas Truglia, a convicted crypto scammer, has had his prison sentence extended to 12 years after failing to repay more than $20 million to his victim, crypto investor and Transform Group CEO Michael Terpin. Truglia, who was initially sentenced to 18 months in prison in 2022 for a SIM-swapping scam, faced the new sentence on Thursday after a federal court found he had evaded his restitution obligations. According to Bloomberg, Judge Alvin Hellerstein’s July 2 order stated that Truglia “demonstrated a willingness to repay his victim the entire amount stolen” at the time of sentencing but failed to follow through. “At every turn, Mr. Truglia failed to pay restitution and actively evaded law enforcement and judicial efforts to enforce his restitution obligation,” the order read. Despite evidence that the scammer owned assets exceeding $61.8 million, well above his restitution obligations, he made no payment toward the ordered amount. SIM-Swapping Tactics by Crypto Scammer Truglia’s conviction was tied to a SIM-swapping scam in 2018 in which he and his associates transferred Terpin’s phone number to another SIM card, allowing them to receive authentication codes from service providers, crypto exchanges, and banks. This technique enabled Truglia to bypass security measures and steal cryptocurrencies from Terpin’s accounts, resulting in a loss of around $24 million. In the same year, Terpin filed a $224 million lawsuit against AT&T, his wireless carrier at the time, accusing the company of negligence for failing to protect his phone number from the SIM-swapping attack that enabled Truglia’s theft. While that case against AT&T gained significant attention in the crypto industry, Terpin also pursued legal action against the scammer directly, filing a $75 million civil lawsuit. In 2019, the court awarded Terpin full damages in the case against Truglia. Judicial Crackdown on Restitution Evasion The latest ruling also includes three years of supervised release following Truglia’s prison term. Truglia was initially sentenced for one count of wire fraud, but the court’s recent action underscores its strict stance against defendants who fail to comply with restitution obligations, especially in high-value cryptocurrency crimes. Truglia’s case is a reminder of the growing legal consequences surrounding crypto-related crimes and SIM-swapping schemes, which have been on the rise in the industry as scammers target investors for quick gains. The extension of Truglia’s sentence sends a clear message that failing to repay victims in crypto fraud cases can lead to significantly harsher penalties. The post Crypto Scammer Gets 12-Year Sentence After Failing to Repay Victim appeared first on TheCoinrise.com .

Source: The Coin Rise