A Tennessee man who defrauded millions of dollars through a cryptocurrency Ponzi scheme is now facing 11 charges.

CoinFeed reported on June 14 that, according to Decrypt, the U.S. Department of Justice announced that a Tennessee man has been charged with 11 counts by federal authorities for allegedly operating a cryptocurrency Ponzi scheme through his company, Star Credit Holdings, between 2020 and 2024. He lured investors with false promises of guaranteed returns, using funds from new investors to pay off older investors, defrauding them of millions of dollars and misappropriating over $1.9 million for himself and his family. He is currently charged with wire fraud, money laundering, and filing false tax returns; if convicted, he could face decades in federal prison.