A former New Jersey corrections officer faces the possibility of 20 years behind bars after admitting to hustling police officers, firefighters and other first responders out of hundreds of thousands of dollars in a corrupt cryptocurrency scheme he parlayed into personal debt settlements, volatile crypto trades and work on his Cape May County home.
John DeSalvo, 47, of Linwood, New Jersey, pleaded guilty this week in Newark federal court to two counts of securities fraud. Sentencing is scheduled for Aug. 6, when he also faces a possible fine of $5 million, the U.S. Attorney’s Office for the District of New Jersey said.
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