Federal authorities have seized and forfeited more than $1.18 million in cryptocurrency following a financial fraud and money laundering investigation, according to an announcement from Margaret E. Heap, United States Attorney for the Southern District of Georgia. The funds were liquidated into U.S. currency after a civil asset forfeiture action conducted by the U.S. Attorney’s Office Asset Forfeiture Unit and the United States Secret Service.
“The Asset Forfeiture Unit of the U.S. Attorney’s Office and United States Secret Service worked diligently to locate, seize, and forfeit these funds, and are now working to identify eligible victims who may be compensated with forfeited funds,” said U.S. Attorney Heap. “This forfeiture is a testament to the drive and ingenuity of the investigative team, and the partnership between our office and the United States Secret Service.”
The investigation began when a real estate agent in Richmond Hill, Georgia reported a suspected fraud attempt after being approached by someone posing as a potential home buyer with significant cryptocurrency holdings. The real estate agent had been previously informed about such schemes through outreach efforts by the Secret Service aimed at warning realtors about industry-targeted fraud.
“With the continued evolution of cryptocurrency fraud, our outreach efforts are crucial to preventing unsuspecting Americans from falling victim to these crimes,” said USSS Savannah Resident Office Agent in Charge James Reno. “It was through these outreach efforts that the fraud in this case was identified, and we remain committed to educating the public and working with the U.S. Attorney’s Office to bring perpetrators of these crimes to justice.”
Using information provided by the Richmond Hill realtor along with data from other sources, including reports filed via www.ic3.gov—the FBI's Internet Crime Complaint Center—investigators linked this case to another victim in North Carolina who lost over $200,000 in cryptocurrency through a fraudulent app designed to mimic legitimate exchanges. Further investigation uncovered that more than $100 million had been laundered globally over a short period as part of this operation.
The property was formally forfeited in 2024 through federal civil proceedings held in Savannah. Authorities continue their investigation into related activities while also seeking additional victims who may qualify for compensation from recovered assets.
Senior Litigation Counsel J. Bishop Ravenel represented the United States during legal proceedings on this matter.
For those wishing to report cybercrime or obtain further information about online fraud schemes, individuals are encouraged to visit www.ic3.gov.
