(WJET/WFXP) — A Colorado man initially from Pennsylvania has been sentenced after pleading guilty to stealing millions of dollars in cryptocurrency from a Pennsylvania woman.
A Philadelphia-area judge sentenced 47-year-old Adam Davis, originally of Coatesville, to 33 months in prison followed by three years of supervised release and must pay approximately $2.1 million in damages after pleading guilty to a single count of wire fraud in January.
According to United States Attorney Jacqueline C. Romero, Davis was hired to assist a Bucks County woman in managing the $395,000 she had invested, giving him access to her digital wallets between January 2014 and May 2021.
During that time, Davis transferred a total of $2.1 million in crypto from her account to his and dragged it through numerous other accounts to cover up his theft with the assets he stole — eventually appreciating in value to more than $8 million in January 2021.
By the time the victim had noticed, Davis had already cashed out the crypto he had stolen and spent it on personal expenses along with a new business venture.
“Whether we’re talking cryptocurrency or cold hard cash, stealing money that doesn’t belong to you is a crime,” said U.S. Attorney Romero. “Adam Davis took advantage of someone who’d turned to him for guidance, stringing the victim along as he drained assets from her accounts. My office and the Secret Service won’t hesitate to hold cybercriminals accountable for the laws they’ve broken and the harm they’ve caused their victims.”
The case was investigated by the United States Secret Service and prosecuted by Assistant United States Attorney Sarah M. Wolfe. US Secret Service analysts also played a significant role in this case.