A New England man has been charged in a 21-count indictment for crimes related to alleged crypto fraud, the U.S. Justice Department said on Thursday.
While posing as an expert cryptocurrency investor, Elmin Redzepagic, of Connecticut, reportedly lost nearly $1 million of other people’s money on the offshore gambling platform Stake.com between May 2021 and March 2025.
Redzepagic was charged with three counts of making a false statement to IRS Criminal Investigation agents, seven counts of wire fraud and 11 counts of international money laundering. Each IRS violation carries a maximum penalty of five years imprisonment, while the wire fraud and international money laundering charges carry 20 years on each count.
Following a well-known mold, Redzepagic allegedly “held himself out to investors as a cryptocurrency investor who earned high rates of return,” abusing their trust and “lulling” them to make additional investments. Redzepagic also allegedly lied about additional “gas fees” needed to withdraw his customers’ nonexistent investment gains.
Short of specifics, the DOJ release notes Redzepagic claimed to work as part of a team that included someone known as “The Chef,” the supposed ringleader. It is unclear if “The Chef” is a separate individual at large.
Redzepagic pleaded not guilty in a hearing on Thursday and was released on a $500,000 bond.
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