Newark, NJ – U.S. Attorney Philip R. Sellinger announced on Wednesday that Edith Pardo, 70, of Bloomfield, pleaded guilty to her involvement in fraudulently inducing victims to invest over $25 million in cash and cryptocurrency. Pardo and her co-defendant, Boaz Manor, promoted a product called ComplianceGuard through CG Blockchain Inc. and BCT Inc., which claimed to provide hedge funds with a blockchain-based auditing tool.
Pardo helped Manor, who had a criminal past, hide his identity from investors. The duo made false claims about the company, its ownership, and the product’s success. In 2017, they raised over $25 million through an initial coin offering for a new product called Blockchain Terminal. Pardo now faces up to 20 years in prison and a fine of up to $5 million. Sentencing is scheduled for August 1, 2023.