Crypto fraudster Nicholas Truglia's sentence increased to 12 years for failure to pay restitution

PANews reported on July 11 that according to The Block, cryptocurrency fraudster Nicholas Truglia was sentenced to 12 years in prison for failing to pay compensation related to a $20 million scam. In December 2022, he was sentenced to 18 months in prison for participating in a SIM card swap scam, illegally obtaining a cryptocurrency wallet containing $20 million in assets, and assisting in transferring funds to Bitcoin. At that time, he had served 12 months and admitted to conspiracy to commit wire fraud.

A previous hearing revealed that Truglia held more than $53 million in assets and agreed to pay more than $20 million in compensation. However, court documents stated that he did not pay a penny, but instead bought $92,000 in luxury goods. Judge Alvin Hellerstein pointed out that Truglia did not pay compensation and evaded law enforcement, and a re-sentencing was appropriate. On July 9, Truglia's lawyer argued that he had handed over all his valuable assets to fulfill his compensation obligations, and the re-sentencing violated his due process and rights to be free from double jeopardy.