A 64-year-old German national, Horst Jicha, has become a fugitive after evading a scheduled $150 million cryptocurrency fraud hearing in New York. Jicha, who was under house arrest on a $5 million bond, is suspected of tampering with his ankle monitor and disappearing earlier this month, according to reports from CNBC.
The USI Tech Fraud Scheme
Jicha’s legal troubles stem from his involvement in USI Tech, a multi-level marketing platform that allegedly defrauded investors through promises of high returns on cryptocurrency investments. Prosecutors claim USI Tech operated as a pyramid scheme, luring investors with the prospect of guaranteed profits from bitcoin mining and trading activities.
Investors were promised returns as high as 140% in just 140 days, with additional rewards for referring new participants. However, the platform collapsed in 2018 after coming under regulatory scrutiny, leaving many investors unable to withdraw their funds. The bulk of the stolen funds were allegedly held in bitcoin and ether wallets controlled by Jicha.
Jicha’s Escape
Jicha was arrested in Florida in 2023 and had been living under strict bail conditions since January 2024, following his release on a $5 million bond. His trial was set for March 31, 2024, where he faced multiple charges for orchestrating the fraudulent USI Tech scheme.
Despite his legal troubles, Jicha managed to flee, prompting authorities to forfeit his $5 million bond, which had been secured by his partner, children, and associates in Germany. Jicha, who has lived in various countries including Brazil and Spain, is now the subject of an international manhunt as prosecutors continue efforts to locate him.
As of now, Jicha’s whereabouts remain unknown, and the case highlights the ongoing challenges law enforcement faces in tracking down high-profile financial fugitives in the digital age.
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