Ohio man sentenced to 9 years for $10M crypto Ponzi scheme

Rathnakishore “Ravi” Giri, an Ohio resident who convinced hundreds of people he could generate guaranteed returns trading Bitcoin derivatives, has been sentenced to nine years in federal prison for running what turned out to be a textbook Ponzi scheme worth at least $10 million.

The sentence also includes three years of supervised release.

The scheme: expert trader, amateur ethics

Giri portrayed himself as an expert digital asset trader capable of delivering guaranteed high returns through Bitcoin derivatives and other crypto investments. He used incoming cash from new investors to make good on those promises to earlier ones, while also using funds to cover personal expenses.

The fraudulent scheme had been running since at least 2019, pulling in funds from hundreds of investors.

Indicted, guilty, and still soliciting

The Commodity Futures Trading Commission filed a civil action against Giri in August 2022, alleging he operated a fraudulent Bitcoin derivatives scheme through various entities.

In November 2022, Giri was indicted on five counts of wire fraud. Each count of wire fraud carries a potential maximum sentence of 20 years.

Giri eventually pleaded guilty to one count of wire fraud on October 4, 2024. Even after being indicted, Giri reportedly continued to solicit investments from people, prompting further investigation from both the US Department of Justice and the CFTC.

What this means for investors

The $10 million figure, while significant, is modest compared to some of the headline-grabbing crypto fraud cases that have made news in recent years. The victim count of hundreds of investors is a reminder that smaller schemes can cause widespread damage, particularly when marketed through personal networks and word of mouth.