An Illinois man has been arrested in connection with a Bitcoin scheme that cost an Escanaba, Michigan, resident more than a half million dollars, the Michigan State Policesaid.
The 34-year-old Orland Hills man convinced the victim he was investing in Bitcoin, a decentralized "crypto" currency, when he was actually stealing from him.
Officials say theman took $665,000.The suspect was arraigned Oct. 19 in 94th District Court in Escanaba on one count of larceny by conversion of $100,000 or more. His bond was set at $400,000.
“This was great work by the detectives and troopers, along with everyone who assisted on this case,” MSP Eighth District Public Information Officer Lt. Ben Eckola said. “Unfortunately, scams like this can happen anywhere and anyone
can be targeted. If you’re unsure if something is legitimate, contact your local law enforcement before sending money. We’re happy to talk with you, answer your questions, and try to help prevent something like this from happening to you.”
Detectives began investigating in July after the victim reported money was stolen from him. On one occasion, the man said he met with the suspect, who posed as a crypto currency investor, and gave him $500,000, according to MSP.
An additional $165,000 in cash was mailed via FedEx to an address out of state, the MSP said.
Police say the suspect committed similar crimes out of state and has suspected connections to organized crime.
The man was extradited from Waukesha, Wisconsin, where he was being held in jail on similar charges.
Jalen Williams is a trending reporter at the Detroit Free Press. Contact him at jawilliams1@freepress.com.
This article originally appeared on Detroit Free Press: Illinois man arrested after crypto scam ensnares U.P. victim. What he did
