Ohio man gets 9 years for $10M crypto Ponzi

Rathnakishore Giri, 31, of New Albany, Ohio, was sentenced on May 18, 2026, to nine years in federal prison and three years of supervised release for operating a cryptocurrency Ponzi scheme that raised more than $10 million.

Giri pleaded guilty in October 2024 to one count of wire fraud and later admitted additional misconduct in an amended plea agreement, according to prosecutors and court records.

Court filings show he presented himself as an expert in bitcoin derivatives trading, guaranteed investors would not lose their principal and promised high returns. Prosecutors found money from newer investors was used to pay earlier participants rather than to generate trading profits. When investors tried to withdraw funds, he provided false explanations and concealed the true condition of the investments.

The Justice Department noted many victims lived in or around Columbus, Ohio and reported that Giri continued to solicit funds while on pretrial release after his guilty plea, causing further losses to new investors.

The Justice Department wrote: “An Ohio man was sentenced today to nine years in prison and three years of supervised release for orchestrating a cryptocurrency investment fraud scheme that raised over $10 million from investors, many of whom resided in or around Columbus, Ohio. Following his guilty plea, while on pretrial release pending sentencing, Giri continued to solicit funds from cryptocurrency investors, causing additional harm to new victims.”

Court records also describe prior investment failures in which investor principal was lost. After serving his prison term, Giri will remain under federal supervision for three years.