A federal grand jury has unsealed an indictment against Gabriel Hay and Gavin Mayo, accused of defrauding investors of more than $22 million through digital asset projects.
Fraud Allegations
Gabriel Hay and Gavin Mayo, both 23 from California, are accused of creating and abandoning multiple NFT and cryptocurrency projects, misleading investors with false promises while retaining their funds. They face charges of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking.
Details of the Indictment
From May 2021 to May 2024, Hay and Mayo allegedly launched several NFT and cryptocurrency projects, including Vault of Gems, Faceless, Sinful Souls, and others. They presented fabricated project roadmaps and promotional materials, falsely claiming unique features and long-term viability. An example cited is the Vault of Gems project, claimed to be 'the first NFT project to be pegged to a hard asset.'
Investigation and Possible Consequences
In addition to defrauding investors, Hay and Mayo are accused of intimidating an individual who tried to expose them in the Faceless project. The defendants allegedly initiated a harassment campaign, causing emotional distress to the whistleblower and their family. If convicted, Hay and Mayo face up to 20 years in prison for each fraud count and up to five years for the stalking charge.
The charges against Hay and Mayo highlight ongoing efforts to combat digital asset fraud. The case is investigated by Homeland Security Investigations, and prosecuted by Assistant U.S. Attorney Maxwell K. Coll, along with Justice Department Trial Attorneys Tian Huang and Tamara Livshiz.
