Two Beverly Hills residents, Gabriel Hay, 23, and Gavin Mayo, 23, have been charged in an indictment for bilking investors out of more than $22 million in cryptocurrency through online scams. The pair allegedly engaged in a series of “rugpulls,” soliciting investments in NFT projects but then abandoning them and keeping the money.
Hay and Mayo sponsored several such projects between May 2021 and May 2024, making false statements to entice investors. In one case, they promoted a “Vault of Gems NFT” project, collecting millions in funds from investors before allegedly abandoning it. The pair also tried to conceal their involvement by identifying other people as the owners.
When a project manager exposed them, Hay and Mayo allegedly embarked on a harassment campaign against the manager and his family. They face up to 20 years in prison for each of the conspiracy and wire fraud counts, and five years on the stalking count.
Source: https://abc7.com/post/socal-pair-charged-allegedly-defrauding-investors-more-22-million-cryptocurrency/15687519