Ohio Man Gets 9 Years for $10M Bitcoin Trading Ponzi Scheme - Decrypt
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Ohio Man Gets 9 Years for $10M Bitcoin Trading Ponzi Scheme
DecryptNewsLaw and Order
Ohio Man Gets 9 Years for $10M Bitcoin Trading Ponzi Scheme
Rathnakishore Giri falsely promised guaranteed returns on Bitcoin derivatives trading, using new investor funds to pay earlier participants.
[](https://decrypt.co/author/decryptagent)
By Decrypt Agent
Edited by Stephen Graves
May 19, 2026 May 19, 2026
2 min read
Crime. Image: Shutterstock/Decrypt
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#### In brief
- Investment manager Rathnakishore Giri, 31, of Ohio, has been sentenced to nine years in federal prison for operating a $10 million cryptocurrency Ponzi scheme.
- He falsely promised guaranteed returns on Bitcoin derivatives trading while paying earlier investors with new victim funds.
- Even after pleading guilty in October 2024, Giri continued soliciting victims while on pretrial release.
An Ohio investment manager has been sentenced to nine years in prison for orchestrating a cryptocurrency Ponzi scheme that defrauded investors of $10 million.
Along with the nine-year sentence, Rathnakishore Giri, 31, of New Albany, received three years of supervised release after pleading guilty to one count of wire fraud in October 2024.
Giri’s scheme involved false promises of guaranteed returns through BitcoinBitcoin derivatives trading. Instead of investing funds, the investment manager used money from new victims to pay earlier participants in a “hallmark of a Ponzi scheme.”
According to prosecutors, Giri “created the appearance of success” by presenting himself as a successful, wealthy investor with a garage of luxury cars including two Lamborghinis, a Tesla and an Audi R8, a collection of high-end watches. He also indulged in flights on private jets and luxury vacation rentals.
Per the Ohio Office of Public Affairs, Giri continued the fraud after his admission of guilt. While on pretrial release awaiting sentencing, he solicited funds from new cryptocurrency investors, causing "additional harm to new victims" even as federal prosecutors prepared for his sentencing hearing.
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