Leader of Miami Trio Pleads Guilty to $4M Bank, Crypto Fraud Charges

The U.S. Department of Justice last year charged three members of a Miami crew in a crypto-related scheme from 2020.

AccessTimeIconApr 26, 2023 at 5:03 p.m. UTC
Updated Apr 26, 2023 at 5:18 p.m. UTC

The leader of a Miami crew charged by the U.S. Department of Justice with defrauding banks in a 2020 cryptocurrency-related scheme has pleaded guilty, an official notice Wednesday said.

Esteban Cabrera Da Corte was one of three individuals arrested in relation to the alleged crime. He was accused of "participating in a scheme to steal millions of dollars’ worth of cryptocurrency and trick U.S. banks into refunding the millions used to purchase that cryptocurrency, in part by using personal identifying information stolen from other people."

Under the scheme, U.S. banks processed more than $4 million in false reversals, while a cryptocurrency exchange lost around $3.5 million worth of digital assets, the Justice Department said.

Cabrera, 26, a resident of Miami, pled guilty to "one count of conspiracy to commit wire fraud," which comes with a 20-year prison sentence, and has agreed to pay restitution of $3.6 million – with an additional forfeiture of $1.2 million.

Edited by Parikshit Mishra.


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Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

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