PHILADELPHIA, PA — Adam Davis, 47, originally from Coatesville, PA, and now residing in Colorado, was sentenced on Wednesday, July 3, to 33 months in prison for stealing cryptocurrency worth millions from a Bucks County victim. U.S. District Court Judge Wendy Beetlestone also ordered Davis to serve three years of supervised release and pay over $2.1 million in restitution.
Davis pleaded guilty on January 25 to one count of wire fraud. From January 2014 to May 2021, he worked with a Bucks County woman who had invested about $395,000 in cryptocurrency. Davis had access to her digital wallets and began siphoning off her growing assets as the value of Bitcoin and other cryptocurrencies soared.
Using multiple cryptocurrency addresses and peel chains to mask his theft, Davis transferred the funds to accounts under his control. The stolen funds were valued at around $2.1 million at the time of the theft but peaked at over $8 million in 2021. By then, Davis had cashed out most of the stolen cryptocurrency, spending it on personal expenses and a business venture.
“Whether it’s cryptocurrency or cash, stealing is a crime,” stated U.S. Attorney Jacqueline C. Romero. “Adam Davis took advantage of his client, draining her accounts while pretending to guide her investments.”
Michael Centrella, Special Agent in Charge of the U.S. Secret Service’s Philadelphia Field Office, emphasized their commitment to investigating cryptocurrency thefts, noting, “Mr. Davis earned the victim’s trust in order to steal millions.”
The case was handled by the United States Secret Service and prosecuted by Assistant U.S. Attorney Sarah M. Wolfe.
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