Ryan Ginster, the 35-year-old founder of My Micro Profits, just admitted he bilked investors out of millions by running fake cryptocurrency schemes dressed up as legitimate businesses.

Ginster pleaded guilty to one count of wire fraud yesterday at a federal hearing. The plea came after months of legal wrangling—he initially insisted he was innocent when prosecutors charged him in November 2021, then flipped his position in a last-minute reversal.

The Department of Justice had painted a clear picture of what Ginster was doing. He ran multiple multilevel marketing schemes that operated exactly like Ponzis, prosecutors said, funneling over $5 million from victims. Social Profimatic and My Micro Profits were the main vehicles for the fraud.

When the DOJ filed charges, they hit Ginster with one count of wire fraud and five counts of engaging in monetary transactions derived from unlawful activity. For months, his legal team fought back, entering a not guilty plea in October 2022. But something shifted. By November, Ginster signaled he wanted to change course, requesting a change of plea hearing scheduled for December 14th.

That hearing happened as planned. Ginster dropped his not guilty plea and admitted to the wire fraud charge.

The admission carries serious consequences. Federal judges can sentence wire fraud up to 20 years in prison. Sentencing was scheduled for March 29th, 2023.

When that date arrived, the court handed down 27 months—just over two years behind bars.

Ginster died on December 9th, 2023, while serving his sentence.

🤖 Quick Answer

Who is Ryan Ginster and what are the charges against him?
Ryan Ginster, a 35-year-old entrepreneur and founder of My Micro Profits, pleaded guilty to wire fraud after operating fraudulent cryptocurrency schemes disguised as legitimate businesses. He defrauded investors of millions through multilevel marketing operations resembling Ponzi schemes, primarily via Social Profimatic and My Micro Profits platforms.

What was the timeline of Ginster's legal proceedings?
Ginster was initially charged in November 2021, when he maintained his innocence. After months of legal proceedings, he reversed his position and pleaded guilty to one count of wire fraud during a federal hearing, facing a potential sentence of up to 20 years in prison.

How much money did Ginster defraud from investors?
According to Department of Justice prosecutors, Ginster bilked investors of over five million

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