Danny Devan, a TikTok influencer also known as Denish Sahadevan, has pleaded guilty to charges of wire fraud, money laundering, and aggravated identity theft involving cryptocurrencies like Bitcoin. He attempted to defraud lenders and the US government for $1.2 million worth of COVID-19 relief loans.
Devan used Paycheck Protection Programs and Economic Injury Disaster Loans for his financial schemes, creating fake tax forms and bank statements and using someone else's information without their consent. He faces a maximum 20-year federal prison sentence for wire fraud, 10 years for money laundering, and a mandatory two years for aggravated identity theft, and will forfeit cash and Bitcoin and pay $429,000 in restitution.
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