Crypto Mining Theft Snafu: Georgia Politico Jailed on Insurance Fraud

Crypto Mining Theft Snafu: Georgia Politico Jailed on Insurance Fraud

A Georgia state senator was jailed this week after being indicted for cryptocurrency-centric insurance fraud. The senator, who has since posted bond and is now awaiting trial, falsely alleged the theft of $300,000 USD worth of hardware used for crypto mining from his campaign office, his initial indictment determined. 

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Geez, Looks Like Someone Stole All My Crypto Mining Gear!

Best known for making a contentious failed bid for the Georgia governorship this year, state Sen. Michael Williams turned himself into jail this week after being indicted for insurance fraud related to a cryptocurrency mining enterprise.

Sen. Williams, who had been running the gear in question out of his campaign office at the time, reported this past spring that approximately $300,000 of the hardware had been stolen from that office.

Now, per the newly handed-down indictment, the Georgia politico wasn’t being honest, as he’s been charged with providing a false statement and false crime report to a Georgia Bureau of Investigation agent and with committing insurance fraud.

It’s currently unclear where the gear is or was at, but the indictment specifically asserted Sen. Williams lied about his whereabouts regarding the time of the alleged burglarization.

For his part, the state senator has already posted bond and is awaiting “his day in court,” his attorney noted earlier to the Atlanta Journal-Constitution.

An Attempt to Weather the Bear Market?

The most dominant storyline in the cryptoeconomy this year has been its entering of a deep correction after its all-time peak in the first few days of January.

As for Sen. Williams, he’ll have an opportunity to make the case for his innocence at his impending trial, and he is innocent until proven guilty.

If the charges against him are deemed to be true, however, the politico and cryptocurrency entrepreneur may have been trying to make his money back after his mining investments started to look worse amid acutely ugly crypto markets.

No gear, no problems? If the allegations are true, the state senator may have been trying to fraudulently recoup losses after the cryptoeconomy went bearish in early 2018.

It’s not the first time allegations of fraudulent “have your cake and eat it too” ploys have been raised in the space, either.

This past summer, cryptocurrency pundit Ian Balina alleged he’d been hacked out of $2 million in ERC20 tokens. However, various red flags in Balina’s story made skeptics pan the story as attempted tax evasion.

Of course, fraud, waste, and abuse are to be found in any arena humans have their hands in. Whatever happens with Sen. Williams’s case, it’s a safe bet there will be more allegations and cases of fraud in the cryptoeconomy’s years ahead.

What’s your take? Is it odd that a politician was running a private enterprise out of their campaign office? Let us know in the comments section below. 

Images via Pixabay

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