Escape from House Arrest
Horst Jicha, a German national accused of leading a $150 million crypto fraud, is now a fugitive. He allegedly tampered with his ankle monitor on October 3 while under home detention in New York. His bond was set at $5 million, backed by his family. Jicha was awaiting trial for securities fraud and conspiracy.
Failure to Appear in Court
Jicha ignored a request from Pretrial Services the day after his ankle monitor stopped working. He also failed to appear in Brooklyn federal court. Due to his absence, prosecutors started the process to forfeit the bond, including the $4 million guaranteed by his family. John Marzulli, a spokesperson for the Brooklyn U.S. attorney’s office, confirmed that efforts to capture him are ongoing.
The $150M Fraud Scheme
Jicha is accused of running USI Tech, a multilevel marketing scam that promised investors returns of 140% in 140 days. However, the platform was a facade. According to FBI Assistant Director James Smith, Jicha diverted millions from investors’ funds and eventually fled.
Stolen Cryptocurrency
Investigators revealed that much of the stolen cryptocurrency, including bitcoin and ether, was moved to Jicha’s controlled addresses after USI Tech ceased operations. U.S. Attorney officials clarified that the scheme depended on investors recruiting others to purchase fraudulent cryptocurrency products.
