US Senator Jailed in Relation to a Fraudulent Crypto-Insurance Scheme

In yet another bizarre story to come out from within the crypto sector, a Georgia state senator was jailed a couple of days back for being involved with a fraudulent scheme that involved— you guessed it— ‘cryptocurrency’. Since being indicted, the senator has posted bail and is now awaiting trial on charges that he allegedly stole

“$300,000 USD worth of hardware equipment used for crypto mining from his campaign office”.

More On The Case

Sen. Michael Williams who is best known for having made a bid to become Georgia’s governor earlier this year, turned himself in a couple of days back when he was hit with charges of insurance fraud (related to crypto mining).

It is being alleged that Williams stole nearly $300,000 worth of mining hardware from his campaign office. Not only that, the Georgia politico is also being accused of “providing a false statement and false crime report” to the state authorities in relation to this entire episode. While further specifics in regards to the case are not yet available at this time, it is being said that Sen. Williams lied about his “whereabouts” when he was questioned about the time frame of the aforementioned burglary.

Final Take

This is not the first time such an interesting story has come out from within the crypto domain as earlier this summer, so-called crypto guru ‘Ian Balina’ claimed that he had been a victim of a hacking scandal that saw him lose a whopping $2 million worth of ERC20 tokens.

With that being said, it is worth remembering that Balina’s story came loaded with a host of red flags which prompted investigators to start thinking that all of this was just a ruse being used by Balina to evade his tax submissions.

In closing, we cannot deem Sen. Williams to be guilty until proven. However, it should not be surprising if more and more such cases of fraud continue to pop up in the near future.

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