Political lobbyist Jack Abramoff pleaded guilty to the conspiracy charges and violation of the Lobbying Disclosure Act in the case of the AML BitCoin scam in which he is involved.
He admitted that he intentionally misled investors during the AML BitCoin scam in a conference call with a San Francisco federal judge while answering questions related to his plea deal.
The lobbyist admitted that he was aware that information from AML BitCoin founder Marcus Andrade and others about the development and financial conditions of the NAC Foundation and the AML BitCoin project was incorrect.
Abramoff admits that he urged investors to buy tokens despite knowing that it was a scam
Lobbyist Jack Abramoff, 61, responded with simple yes or no to the judge's questions about his plea bargain, the details of which were disclosed last month after complaints from regulators and audiences were made public federal ministries. Abramoff explained that he lives in Maryland and would have preferred to be tried by videoconference because of the ongoing pandemic.
"Guilty, your honor," Abramoff told US District Judge Richard Seeborg when asked how he wanted to deal with the allegations of conspiracy and violation of the Lobbying Disclosure Act.
Abramoff, in the appeal process, admitted that he helped draft and disseminate press releases and promote AML BitCoin despite knowing that the information provided was incorrect.
He also directly urged people to buy tokens knowing that the AML BitCoin project was running out of funds for operations, Jack admitted in his plea deal. The US Securities and Exchange Commission (SEC) has filed allegations against Jack, claiming that he has deceived investors by promoting the AML BitCoin digital token as "a new improved version of bitcoin."
Abramoff will serve five years in prison for each scammed account
Jack Abramoff, who pleaded guilty on Tuesday for a conspiracy charge and violation of the Lobbying Disclosure Act, will serve five years in prison for each scammed account. The appeal settlement was made public last month when San Francisco United States Attorney David Anderson opened the case.
According to the SEC statement, Jack Abramoff has been charged with conspiracy to have committed cable fraud and to have pressured violations of the disclosure. Previously, the political lobbyist served more than three years in prison before being released in 2010 for his involvement in a corruption case.
Last month, the Justice Department accused Rowland Marcus Andrade, the founder of AML BitCoin and the NAC Foundation, of money laundering and cable fraud. Andrae pleaded not guilty last week and is currently fighting criminal charges for cable fraud.
This is therefore a very hard blow for Abramoff, given the accusations that have been made against him. Invest in this period of uncertainty it is not easy for anyone at all, but at least it should be done without going against any rules!
