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US Man Pleads Guilty in $722 Million Bitclub Network Ponzi Scheme Case

A Bitclub Network Ponzi scheme promoter has admitted to charges of selling unregistered securities and to subscribing to a false tax return in connection with his role in the $722 million fraud scam. The man, Joseph Frank Abel, pleaded guilty by video conference before U.S. District Judge Claire C. Cecchi. The U.S. citizen becomes the second person to plead guilty to charges relating to the scam after Romanian Silviu Catalin Balaci’s admission in July. Abel was initially charged by indictment in December 2019 along with four other co-defendants soon after their arrest. According to the statement released by U.S. Attorney,…

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