regulation
Massachusetts Man Sentenced for Cryptocurrency Investment Fraud
A Haverhill man was sentenced to prison for fraudulently raising and losing investor funds in cryptocurrency-related funds, with additional penalties and restitution ordered.
AS1 NewsSource: justice.gov
UIn Boston, Luciano Schipelliti, aged 29, was sentenced to one year and one day in prison, followed by two years of supervised release and six months of home confinement, for defrauding investors of $350,000 through cryptocurrency funds. Schipelliti pleaded guilty to wire fraud in April 2026, after being charged in March 2026.
The case involves two funds established by Schipelliti: the Superstars Fund, created in 2018, which raised approximately $275,000 for cryptocurrency investments but lost all funds by 2019 due to poor investment choices; and the TTM Fund, launched in early 2021 based on false reports of continued growth, which raised about $350,000 but also lost all funds by September 2021.
Throughout the process, Schipelliti concealed the losses from investors, sending false newsletters claiming the funds were still growing. He also misused some of the TTM Fund's remaining assets, violating the fund's operating agreement.
This case was prosecuted by the U.S. Attorney's Office for the District of Massachusetts and the FBI, highlighting ongoing enforcement efforts against fraudulent activities in the cryptocurrency sector.
The case underscores the importance of regulatory oversight and investor protection in the cryptocurrency investment space, especially regarding transparency and proper fund management.