US Attorney's Office, Southern District of New York

Sampled claims

• Outdated88
  At the March 2009 plea a prosecutor said that given the nature and length of the scheme, victims might recover only a small fraction of their losses.
  Bernard L. Madoff Investment Securities LLCRegulator statement, 12 March 20093 records citedCorporate status
• Supported96
  Prosecutors said Bernard Madoff pleaded guilty to an eleven-count criminal information in March 2009 and was sentenced in June 2009 to 150 years in prison with forfeiture of US$170,799,000,000.
  Bernard L. Madoff Investment Securities LLCRegulator statement, 29 June 20093 records citedFraud
• Supported94
  The US Attorney for the Southern District of New York said in October 2011 that Galleon founder Raj Rajaratnam was convicted on all 14 counts and sentenced to 11 years in prison for insider trading.
  Galleon Group LLCRegulator statement, 13 October 20113 records citedMarket conduct
• Unresolved81
  US prosecutors charged OneCoin founder Ruja Ignatova with wire fraud, securities fraud and money laundering conspiracy counts, and the FBI says she remains a fugitive on its Ten Most Wanted list.
  OneCoin Ltd.Regulator statement, 8 March 20192 records citedFraud
• Supported93
  The Department of Justice said OneCoin was sold as a cryptocurrency but lacked a true blockchain, had no real value, and that its price was set by the company itself.
  OneCoin Ltd.Regulator statement, 16 December 20223 records citedProduct claims
• Supported90
  The SEC and the US Department of Justice said Celsius and Mashinsky manipulated the price of the CEL token through undisclosed buybacks funded in part with customer money.
  Celsius Network LLCRegulator statement, 13 July 20233 records citedMarket conduct
• Supported96
  A September 2023 US Department of Justice statement said OneCoin co-founder Karl Sebastian Greenwood was sentenced to 20 years in prison and ordered to pay about US$300 million for his part in the OneCoin scheme.
  OneCoin Ltd.Regulator statement, 12 September 20233 records citedFraud
• Supported90
  The US Attorney for the Southern District of New York said that Archegos founder Bill Hwang was convicted in July 2024 and sentenced to 18 years in prison with more than US$9 billion in restitution.
  Archegos Capital Management LPRegulator statement, 19 December 20244 records citedFraud
• Supported93
  The US Department of Justice said Celsius founder Alexander Mashinsky pleaded guilty to commodities fraud and securities fraud and was sentenced to 12 years in prison in May 2025.
  Celsius Network LLCRegulator statement, 8 May 20252 records citedFraud

Reports and statements sampled

• Bernard L. Madoff Pleads Guilty to 11-Count Criminal Information and Is Remanded Into CustodyRegulator statement, 12 March 2009
• Bernard Madoff Sentenced to 150 Years in PrisonRegulator statement, 29 June 2009
• Galleon Management Founder Raj Rajaratnam Sentenced in Manhattan Federal Court to 11 Years in Prison for Insider TradingRegulator statement, 13 October 2011
• Manhattan U.S. Attorney Announces Charges Against Leaders Of "OneCoin," A Multibillion-Dollar Pyramid SchemeRegulator statement, 8 March 2019
• Co-Founder Of Multibillion-Dollar Cryptocurrency Pyramid Scheme "OneCoin" Pleads GuiltyRegulator statement, 16 December 2022
• Celsius Founder And Former Chief Revenue Officer Charged In Connection With Multibillion-Dollar Fraud And Market Manipulation SchemesRegulator statement, 13 July 2023
• Co-Founder Of Multibillion-Dollar Cryptocurrency Scheme "OneCoin" Sentenced To 20 Years In PrisonRegulator statement, 12 September 2023
• Founder and Head of Archegos Capital Management Bill Hwang Sentenced to 18 Years in PrisonRegulator statement, 19 December 2024
• Founder Of Celsius Sentenced To 12 Years For Fraud And Market ManipulationRegulator statement, 8 May 2025

Responses on record

• Raj Rajaratnam, October 2009, on this claim: At the time of the charges Rajaratnam said he was innocent, as reported by Bloomberg.^S7
• OneCoin Ltd., 23 January 2018, on this claim: OneCoin said in January 2018 that reports were untrue and misleading and that it had never been involved in criminal or illegal activities.^S5
• Bill Hwang, 21 January 2026, on this claim: Hwang is appealing the verdict behind his 18-year sentence and in January 2026 sought a presidential pardon, Bloomberg reported.^S3
• Alexander Mashinsky, May 2026, on this claim: He moved to vacate his sentence on ineffective counsel grounds, saying of his lawyers, 'they stopped communication with me so I had no choice.'^S8

Sources

1. S7Tier C Galleon said to have liquidated more than 90% of investmentsBusiness Standard (Bloomberg). Press report. 29 October 2009.Supports the October 2009 liquidation of Galleon's funds and the plan to return investor money, and reports Rajaratnam said he is innocent. Used for colour and the denial.
2. S5Tier C OneCoin: Reports of money laundering 'untrue and misleading'The Sofia Globe. Press report. 23 January 2018.Records OneCoin's company denial. Used for the origin of the denial claim, not as proof the denial was true.
3. S3Tier C Bill Hwang Seeks Pardon for Fraud That Cost Banks $10 BillionBloomberg. Press report. 21 January 2026.Supports that Hwang is free on bail appealing the verdict and sought a presidential pardon in January 2026. Used for current status only.
4. S8Tier C Celsius founder Alex Mashinsky files motion to vacate sentenceCointelegraph. Press report. 29 May 2026.Reports Mashinsky's motion to vacate on ineffective counsel grounds. Used for the collateral challenge, not for the underlying conviction.