A New York district court judge handed down a 63 month sentence to the leader of a Miami-based group accused of operating a crypto scam which defrauded U.S. Banks of $4 million on Wednesday.

Esteban Cabrera da Corte pleaded guilty in April to taking part in the 2020 scheme, which aimed to steal millions in crypto and fool U.S. Banks into refunding it. The Miami resident, aged 27, was also ordered by the court to pay $1.2 million in forfeiture and $3.6 million in restitution.

Da Corte is one of three people arrested in August 2022. The crime “resulted” in U.S. Banks processing more than four million dollars in fraudulent reversals, and a cryptocurrency trading exchange losing over $3.5 million of cryptocurrency.

Sheldon Reback is the editor.