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I2G Ponzi Scheme: Jason Syn Sentenced to Probation in Fraud Case
Jason Syn received probation for his role in the I2G Ponzi scheme, pleading guilty to conspiracy to commit mail fraud on December 19, 2023. As part of his sentence, he was ordered to:
- Serve three years of probation
- Be jointly liable for $3.9 million in restitution
The decision for probation instead of prison time is detailed in a sealed Statement of Reason filed on December 19, 2023. In contrast, all of Syn’s I2G co-defendants, including Richard Maike, Doyce Barnes, Faraday Hosseinpour, and Dennis Dvorin, received prison sentences ranging from 12 months to 10 years between 2022 and 2023.
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The I2G Ponzi fraud, also known as the Infinity 2 Global fraud, operated as a pyramid scheme, defrauding consumers of over $30 million since its launch in 2013 by Richard Maike. The scheme, under the name Infinity 2 Global or I2G, falsely promised returns based on profits from an online gaming site called i2gcasino.com. In reality, it functioned as a fraudulent pyramid scheme, using inflated returns to attract new investors and causing losses for over 90% of those who bought memberships.
What was the i2g ponzi fraud
The I2G Ponzi fraud, or Infinity 2 Global fraud, conned consumers out of $30 million. Launched in 2013 by Richard Maike, operating as Infinity 2 Global or I2G, it peddled memberships with a false promise of returns linked to i2gcasino.com profits. In reality, I2G was a deceptive pyramid scheme, using early promoters’ earnings to lure in later investors.
Key points of the I2G Ponzi fraud:
- The scheme operated through Infinity 2 Global.
- Richard Maike received a 10-year federal prison sentence for orchestrating the pyramid scheme.
- Co-defendants, including Doyce Barnes, Faraday Hosseinpour, and Dennis Dvorin, faced prison terms from 4 to 12 months.
- Trial evidence revealed I2G sold nearly 5,000 $5,000 Emperor positions, amassing $30 million in revenue in about 15 months. Most funds were distributed as commissions to top pyramid promoters.
How did the i2g ponzi fraud work
The I2G Ponzi fraud, also called Infinity 2 Global fraud, conned consumers out of $30 million. Launched in 2013 by Richard Maike, it operated as Infinity 2 Global or I2G. The scheme peddled memberships, raking in $30 million, with over 90% of members facing losses.
Under the guise of profits from i2gcasino.com, I2G misled investors with the promise of returns. In reality, it functioned as a fraudulent pyramid scheme. Early promoters received inflated returns to lure later victims.
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The I2G Ponzi scheme unfolded as follows:
- Richard Maike initiated Infinity 2 Global in 2013.
- I2G falsely claimed massive profits from its online gambling site, enticing investors with a $5,000 “Emperor” position.
- Investors’ money funded returns to prior investors, with the fraudsters keeping a share.
- The scheme collapsed, causing significant losses to investors.
The I2G Ponzi fraud was part of a broader legal action against Infinity 2 Global. Various individuals faced prosecution and sentencing in connection with the scheme.
What was the initial investment amount for the i2g ponzi fraud
The I2G Ponzi fraud commenced with a $5,000 initial investment for “Emperor” positions. Investors were deceived into expecting returns from i2gcasino.com profits. The scheme relied on new members’ investments to pay commissions, causing the pyramid to collapse.
What was the duration of the i2g ponzi fraud
The I2G Ponzi fraud, initiated by Richard Maike under the name Infinity 2 Global (I2G) in 2013, persisted until legal actions and sentencing occurred in subsequent years. Over the years, numerous individuals faced prosecution and received sentences in connection with the scheme. The legal proceedings and sentencing related to the I2G scheme have extended for several years, involving various individuals associated with the fraudulent activities.