Ohio Man Gets 9 Years for $10M Crypto Ponzi That Ran Post-Plea

A cryptocurrency investment fraud that raised more than $10 million from investors did not stop when the operator pleaded guilty. It continued while he awaited sentencing, adding new victims and new losses.

Rathnakishore Giri, 31, of New Albany, Ohio, was sentenced on May 18, 2026, to nine years in prison followed by three years of supervised release. The Department of Justice (DOJ) announced the sentence, which caps a case that began with promises of safe, expert trading in bitcoin derivatives and ended with a Ponzi structure.

How the Scheme Worked

Giri presented himself as a specialist in cryptocurrency derivatives with a track record of generating high returns. He told investors their principal was guaranteed and faced no risk. Court documents show the reality was different.

The Ponzi Mechanism

Funds from newer investors were used to pay returns to earlier investors. This is the classic structure of a Ponzi scheme, where no genuine trading profit sustains the payouts. Prosecutors said Giri also had a history of investment failures that had already cost investors their principal.

The Redemption Trap

When investors tried to cash out or recover their guaranteed principal, Giri gave false explanations for delays. He concealed the true condition of their investments. Many of the victims lived in or around Columbus, Ohio.

The Guilty Plea That Did Not Stop the Fraud

Giri pleaded guilty to one count of wire fraud in October 2024. A standard guilty plea ends the fraudulent activity. This one did not.

Amended Plea and Continued Solicitation

Prosecutors later filed an amended plea agreement that acknowledged additional misconduct. While on pretrial release pending sentencing, Giri continued to solicit funds from cryptocurrency investors. The DOJ stated: "Following his guilty plea, while on pretrial release pending sentencing, Giri continued to solicit funds from cryptocurrency investors, causing additional harm to new victims."

This is a rare documented case where a fraud operator kept recruiting victims after admitting guilt in court. The mechanism matters: a guilty plea does not automatically freeze an operator's access to victims or payment channels, especially in crypto where peer-to-peer transfers can bypass traditional banking oversight.

Sentence and Supervised Release

The nine-year prison sentence is the primary penalty. After release, Giri will serve three years of supervised release. The DOJ did not disclose the amount of restitution ordered or the current status of recovered funds.