In a landmark crypto fraud case, U.S. authorities have sentenced Dwayne Golden, 57, to 97 months in federal prison for his role in orchestrating a multi-million-dollar Ponzi scheme that defrauded investors of over $40 million.
Crypto Promises, Ponzi Reality
Golden, along with co-defendants Gregory Aggesen, Marquis Egerton (a.k.a. Mardy Eger), and William White, ran three fraudulent digital asset platforms: EmpowerCoin, ECoinPlus, and Jet-Coin. These firms promised investors guaranteed returns from overseas crypto trading but according to federal prosecutors, they were nothing more than Ponzi schemes.
Operating between April and August 2017, the group used new investor funds to pay earlier investors, or simply siphoned the money off for personal gain. Once enough funds were collected, the platforms were shut down, and the operators disappeared, leaving investors with heavy losses.
Obstruction of Justice and Sentencing
Golden pleaded guilty in September 2024 to conspiracy to commit wire fraud and money laundering, and was sentenced on June 27, 2025, by U.S. District Judge William F. Kuntz II in Brooklyn federal court.
In addition to the prison term, Golden has been ordered to forfeit $2.46 million, with additional restitution to be determined in future proceedings. Co-defendant William White has already been sentenced to 30 months in prison, while Aggesen and Egerton are still awaiting sentencing.
Prosecutors also revealed that Golden and his co-conspirators attempted to obstruct multiple federal investigations from 2017 to 2022 by destroying evidence and submitting false information. White allegedly made misleading statements to federal authorities on Aggesen’s behalf in response to subpoenas during ongoing investigations by the FTC and a federal grand jury.
Ongoing Recovery Efforts and Enforcement
Victims have been encouraged to submit restitution claims through the FBI as part of the broader recovery process. The DOJ reaffirmed its commitment to aggressive enforcement, noting that crypto-related financial crimes are on the rise.
Golden’s sentencing is one of several major crypto enforcement actions by the DOJ this month. Earlier in June, the department:
- Seized $225 million in crypto tied to pig-butchering scams
- Filed a forfeiture action for $7.7 million in crypto linked to North Korean operatives
- Charged a Russian national for allegedly laundering $500 million through a crypto payments firm
DOJ: No Tolerance for Crypto Crime
“The FBI and DOJ are committed to dismantling fraudulent operations and recovering stolen assets through international cooperation and advanced blockchain tracing techniques,” a DOJ spokesperson said.
As the digital asset space continues to mature, U.S. regulators and enforcement agencies are sending a clear message: fraud in crypto will be met with full legal force.
