US authorities have reportedly launched a manhunt to arrest a German man accused of committing a $150 million cryptocurrency scam.
According to a recent report from CNBC, Horst Jicha missed a scheduled appearance in Brooklyn federal court earlier this month and is currently on the run.
Earlier this year, the U.S. Attorney's Office for the Eastern District of New York charged Jicha with securities fraud, securities fraud, wire fraud, and money laundering conspiracy for allegedly intermediating a multi-level marketing cryptocurrency scheme called USI Tech.
Jicha reportedly deposited the equivalent of $1 million in cash with authorities to secure his bail, which was vouched for by Jicha's family and a small number of other people, a prosecutor's spokesperson in the case told CNBC. He said he plans to obtain an additional $4 million worth of bail.
Prosecutors also reportedly told the judge in the case that authorities suspect Jicha tampered with an ankle bracelet monitor. His trial is scheduled for March 31st.
Jicha brought USI Tech to the United States in 2017 and allegedly sold it through social media and in-person presentations.
Federal prosecutors allege that USI Tech suddenly ceased operations in the United States after coming under regulatory scrutiny in early 2018, leaving investors with millions of dollars in losses.
Jicha fled the United States after shutting down USI Tech's operations in the country and managed to stay out of the country for more than 50 years until he was arrested while vacationing in Miami in December 2023.
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