Ohio Manager Gets 9 Years for $10M Crypto Ponzi

Rathnakishore Giri, a 31-year-old investment manager from New Albany, Ohio, was sentenced to nine years in federal prison after admitting he ran a $10 million cryptocurrency Ponzi scheme and continued soliciting investors while on pretrial release. Giri pleaded guilty in October 2024 to one count of wire fraud and also received three years of supervised release.

Prosecutors said Giri promised guaranteed returns from Bitcoin derivatives trading but routed new investor funds to pay earlier participants instead of investing them, a hallmark of a Ponzi scheme. Court filings state he cultivated an image of wealth to attract clients, showing luxury items and experiences to potential investors.

In filings, prosecutors wrote that Giri “created the appearance of success” by showcasing a garage with two Lamborghinis, a Tesla and an Audi R8, a collection of high-end watches, private jet flights and expensive vacation rentals. Authorities say he diverted client money to support that lifestyle and to make payments to previous investors.

The Ohio Office of Public Affairs noted Giri continued to solicit funds after his guilty plea and while on pretrial release, causing “additional harm to new victims” as federal prosecutors prepared for sentencing. Federal agents monitored his solicitations while he remained under court supervision.

Law enforcement has increased prosecutions of crypto-related fraud. The FBI reported Americans lost more than $11 billion to cryptocurrency crimes in 2025, a 22% increase from the prior year. Other recent actions include two Estonian nationals sentenced to 16 months for their roles in the HashFlare scheme, which authorities say involved $577 million, and the February arrest of the former CEO of Goliath Ventures on federal charges of wire fraud and money laundering in an alleged $328 million scheme. That latter case led to a lawsuit accusing JPMorgan Chase of failing to detect and stop the alleged fraud.

Prosecutors in Giri’s case sought a prison term that accounted for the size of investor losses and the continuation of solicitations after his guilty plea. The sentence includes a term of supervised release intended to follow his time in custody.