NEW YORK, N.Y. – Amir Bruno Elmaani, the founder of the cryptocurrency “Oyster Pearl,” pled guilty to tax offenses on Wednesday. Elmaani admitted that he had secretly minted and sold approximately 3 million Pearl cryptocurrency tokens for his own gain in 2017 and 2018, causing the price to plummet and resulting in substantial losses for investors. Moreover, he did not pay income tax on certain cryptocurrency profits, which amounted to over $5.5 million.
The case was heard in the Southern District of New York.
The U.S. Attorney’s Office stated that Elmaani’s actions were a clear example of greed, undermining the integrity of the cryptocurrency market and defrauding investors. He agreed to pay restitution of over $5.5 million and faces up to five years in prison for each of the tax offenses. In addition to the restitution, Elmaani may be subject to fines, penalties, and forfeiture of assets related to his crimes.
Elmaani’s sentencing is scheduled for July 2023. The U.S. Attorney’s Office is committed to prosecuting those who engage in tax evasion and fraud, particularly in the emerging cryptocurrency market, in order to maintain public trust and protect investors.