A wire fraud indictment unveiled a massive Ponzi scheme amounting to $43 million as Idin Dalpour orchestrated the scheme from around 2020 to April 2024. Dalpour targeted investors in the United States and internationally through a fraudulent crypto operation that deceived individuals about investment opportunities.
Dalpour solicited investments under the guise of a Las Vegas hospitality enterprise and a crypto trading venture, promising significant returns to investors. However, instead of using the funds for legitimate purposes as promised, he resorted to using new investors’ money to pay off earlier investors, characteristic of a Ponzi scheme.
The investigation showed that Dalpour falsely represented that his entity, Entity-1, had secured contracts with a management company and a prominent Las Vegas hotel for renting out condominiums, along with owning shares in Las Vegas-based sports stadiums. These misrepresentations were part of his ploy to lure investors with unrealistic returns while fabricating contracts and financial statements to boost his claims.
In addition to the Las Vegas venture, Dalpour portrayed a phony crypto trading operation where he promised returns on cryptocurrency trades that were never conducted. He engaged in deceptive practices by misusing investors’ funds to finance personal expenses, including gambling losses, tuition fees for his children, and other personal indulgences.
When confronted by victims in November 2023, Dalpour confessed to the Ponzi scheme and fraudulent activities, expressing remorse for his actions and acknowledging the gravity of his crimes. Dalpour now faces charges of wire fraud, which entail a potential prison sentence of up to 20 years upon conviction.
