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John DeMarr was one of the most important people in Kristijan Krstic’s Ponzi scheme, and he has been given 5 years in prison.

DeMarr has also been told to pay restitution of $3.5 million.

DeMarr worked with Kristijan Krstic and other con artists to steal money from people through Start Options, Dragon Mining, and Bitcoiin.

DeMarr, who is 58 years old, was charged in March 2021.

In the beginning, DeMarr said he wasn’t guilty of four counts of fraud. In August 2021, he changed his plea to one count of conspiring to commit securities fraud.

DeMarr could have gotten up to five years in prison, which is the longest sentence he could have gotten. On January 31, he was given his sentence.

USA Breon Peace said this about DeMarr’s sentence:

DeMarr took advantage of people who trusted him by convincing them to double down on their investments, even though he knew that his cryptocurrency companies and their questionable celebrity endorsements were scams that helped pay for his lavish lifestyle.

The people who fell for this scam lost everything, so it’s fair that DeMarr should lose his freedom for making it up.

Special Agent in Charge, IRS-CI Tyler Hatcher talked about the rise of cryptocurrency Ponzi schemes in a more general way.

The number of cryptocurrency schemes is growing. Our partners in law enforcement and the Internal Revenue Service Criminal Investigation are working hard to find and investigate criminals like John DeMarr who run these schemes.

Those who make money from these schemes should know that they won’t be able to hide and will be held responsible.

Jaira David, who also helped run the Krstic Ponzi empire, was given 3 years in prison early last month.

The US government has charged Kristijan Krstic (on the right) twice. Krstic was caught in Serbia in July 2020 at the request of the FBI.

As part of the extradition process, Krstic was eventually let go until the Serbian government made a final decision.

When Krstic and his wife were released under strange circumstances, they quickly went into hiding. The wanted people are still out there.

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