Court dashes another attempt by ‘crypto king’ John Michael Caruso to have his detention reconsidered

Maria Nikolova

Judge John Tuchi agreed with a previous ruling that John Michael Caruso, an operator of fraudulent cryptocurrency scheme Zima Digital Assets, has to stay detained.

John Michael Caruso, also known as Kryp+0 K!ng or “crypto king”, has suffered another bitter blow in Court as he has failed to secure reconsideration of his detention proceedings.

As FinanceFeeds has reported, Caruso, who is one of the individuals behind fraudulent cryptocurrency scheme Zima Digital Assets, had had his earlier motion to reopen the detention proceedings axed by Judge Michelle H. Burns.

Judge Burns denied the Emergency Motion on April 8, 2020. She expressly did not consider extraneous information beyond the Section 3142(f) criteria. First, Judge Burns concluded that the increase in bondable amount did not change her previous conclusion that such bond was insufficient to address danger and flight risk. Second, Judge Burns concluded that the defendant’s information on increased COVID-19 activity did not materially bear on the question of whether conditions would reasonably assure the defendant’s presence at future proceedings.

The Honorable John Tuchi noted Caruso’s motion to review Judge Burns’ decision. In an order signed on May 13, 2020, Judge Tuchi sided with Judge Burns.

He says that none of the newly provided information has any relevance to the Court’s weighing of what is required under Section 3142(f) – it does not impact whether any conditions of release will reasonably ensure Caruso’s future appearance. The consequences of COVID-19 simply do not bear on that question. Put another way, if Judge Burns has determined by at least a preponderance that the defendant represents a flight risk that no conditions will cure, the introduction of an illness and its potential impact on the defendant does not change that risk or the ability of conditions to cure it. “The two issues are apples and oranges”, Judge Tuchi concluded.

Caruso is charged by criminal complaint with one count of Conspiracy to Commit the crimes of Wire Fraud and Money Laundering. In the complaint, he is charged with carrying out a Ponzi “cryptocurrency” scheme that defrauded over 100 victims of at least $7.5 million.

The offense is alleged to have been committed in a relatively short period of time, since June 2018. During this time, it is alleged by the Government that bank records and casino records establish that Caruso lived an extravagant lifestyle, to include taking 30 trips to Las Vegas. He has flown on private jets to numerous domestic and overseas destinations.

Read this next

Retail FX

Plus500 sees modest growth in Q1 revenues, EBITDA margin decreases

Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported a 4% increase in revenue for the first quarter of 2024, with figures rising from $207.9 million in Q1 2023 to $215.6 million.

Technical Analysis

FTSE 100 Technical Analysis Report 16 April, 2024

FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.

Digital Assets

Cyprus keeps FTX EU license suspended until September

The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of FTX.com’s CIF license, which allowed the insolvent platform to operate throughout Europe, until September 30, 2024.

Metaverse Gaming NFT

Mon Protocol and Pixelverse Forge a Groundbreaking Partnership to Revolutionize Blockchain Gaming

Mon Protocol and Pixelverse make history in the annals of Blockchain gaming as they set up the architecture for the melding of their technologies.

Chainwire

Nimiq Pay Launch: A New Standard For Self-Custodial Crypto Payments

Nimiq, the blockchain ecosystem for payments that is designed to make cryptocurrency easy for everyone to use, has taken the first concrete steps towards its goal of becoming the world’s most widely-accepted digital asset for payments with the launch of Nimiq Pay.

Inside View, Interviews

Exclusive: GoMining’s Mark Zalan wants to democratize opportunities of Bitcoin halving

As the Bitcoin community counts down to the upcoming Bitcoin halving, Mark Zalan, CEO of GoMining, shared exclusive insights into how the company is gearing up for this pivotal event in the cryptocurrency world.

Digital Assets

Umoja Partners with Merlin Chain to Launch Revolutionary Bitcoin-Based Synthetic Dollar – USDb

Umoja, an innovative smart money protocol, has embarked on a strategic partnership with Merlin Chain, a leading Bitcoin Layer-2 network, to introduce USDb, the first Bitcoin-based, high-yield synthetic dollar.

Crypto Insider

Bybit Report Highlights Imminent Bitcoin Supply Shortage and Rising Scarcity Post-Halving

Bybit, recognized as one of the top three cryptocurrency exchanges globally in terms of trading volume, has recently published a comprehensive report highlighting the future supply constraints of Bitcoin.

blockdag

BlockDAG Outshines XRP Price Breakout and Uniswap Crypto Forecast with 20,000x ROI Potential and Teaser for Keynote on Moon

BlockDAG has become the latest sensation in the crypto world, which has taken the spotlight by storm, overshadowing even the most optimistic projections for XRP’s price breakout and Uniswap’s crypto forecast.

<