A former American skilled basketball participant has allegedly swindled over $800,000 price of Bitcoin BTC from an organization primarily based in Ghana.

Isaac Edward Austin, who retired in 2004, reportedly posed as a trustee for his personal Bitcoin buying and selling firm and managed to get the Ghanaian agency at hand over $11,000 per BTC, GhanaWeb reports.

A complete of $825,000 was transferred to Austin’s accounts, however he’s but to make any purchases of Bitcoin on behalf of his shopper.

The previous basketball participant claimed to be operating two Bitcoin buying and selling corporations, IEA and Tudor Belief. His trusts purportedly participated in a “new cryptocurrency auto-trading program.”

Austin maintained contracts with the Ghanaian agency that stated he would pay again investments with extra advantages on the shut of buying and selling. Nevertheless, he by no means did and saved deferring the state of affairs with weak excuses.

One sufferer was quoted by GhanaWeb as saying: “He [Austin] will take your Bitcoin and you’ll by no means get your funding again or your returns. On the day of fee, he’ll inform you story after story full of lies of points why the BTC couldn’t be delivered on the day of fee.”

The sufferer says Austin gave a complete raft of excuses together with; that he’d suffered a coronary heart assault, transferred cash to the improper pockets, was in queues at banks, and that banks have been holding the funds.

Regardless of quite a few makes an attempt at contacting Austin, the Ghanaian agency has not been in a position to get better their funding. Austin has additionally failed to answer quite a few requests for remark from GhanaWeb.

This isn’t the primary time a person or enterprise has been hoodwinked by guarantees of returns on pretend Bitcoin investments.

Earlier this 12 months, a person from Jersey put $1.5 million – their life financial savings – right into a Bitcoin funding scheme and misplaced all the things, as a result of there by no means was any Bitcoin.

Revealed October 21, 2019 — 14:32 UTC

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