Arizona man pleads guilty to millions in cryptocurrency fraud schemes

A Fountain Hills man is awaiting sentencing after he pleaded guilty to years of fraud schemes impacting hundreds of people. Jeremie Andrew Sowerby, 48, admitted to scamming people through several investment fraud schemes from 2017 through 2023. In total, he defrauded his victims of more than $7.5 mi

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What is the story about?

A Fountain Hills man is awaiting sentencing after he pleaded guilty to years of fraud schemes impacting hundreds of people.

Jeremie Andrew Sowerby, 48, admitted to scamming people through several investment fraud schemes from 2017 through 2023. In total, he defrauded his victims of more than $7.5 million, according to the U.S. Attorney's Office, District of Arizona.

As part of his plea deal, Sowerby will pay restitution of up to $30 million to the victims of his schemes.

From 2017 through 2018, Sowerby represented himself as a multilevel marketer and convinced about 400 people to invest in cryptocurrency under three entities: Now Mining, VIP Mining and Millennium Technologies. He defrauded the victims of at least $7.5 million. His co-defendant,

Luis Ortega, is awaiting pending charges, according to the U.S. Attorney's Office.

Sowerby admitted to defrauding at least 150 victims through Dumanis Global Technologies from 2018 through 2019. Under that scheme, he would convince people to purchase cryptocurrency mining machines and pay for the storage costs and electricity to support them. However, the mining machines did not exist and victims lost several million dollars.

Another scheme targeted high-income earners through a company called Justice Capital. From 2021 through 2023, Sowerby marketed access to hedge funds that traded using a “bot” algorithm. He defrauded one person of $207,000.

The sentencing is currently scheduled for Oct. 14. Wire fraud convictions carry a maximum penalty of 20 years in prison, according to the U.S. Attorney's Office.

What companies were the schemes run through?

Sowerby committed wire fraud involving more than a dozen companies. Law enforcement is still working to identify all of victims of each scheme. If someone suspects they are a victim, they are encouraged to contact the FBI.

Here is the full list, according to the U.S. Attorney's Office: