Federal prosecutors on Friday announced charges against a German businessman, alleging he scammed investors out of more than $150 million in a crypto fraud scheme. But in actuality, Jicha and two unnamed co-conspirators, both USI Tech executives, lured and defrauded investors in a "multilevel marketing scheme," prosecutors allege. Around the spring of 2017, Jicha and his co-conspirators began "aggressively promoting" USI Tech, prosecutors said. In 2018, as regulators began scrutinizing USI Tech, prosecutors alleged that Jicha terminated the company's U.S. operations, preventing investors from withdrawing their money. Since then, around $150 million of that money has been transferred to accounts controlled by Jicha, prosecutors said Friday.

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Persons: Prosecutors, Horst Jicha, Jicha, Jicha's, It's, Descalzo, David Tarras Organizations: U.S, Eastern, of, USI Tech, Authorities, Prosecutors, Tech, SEC, Jicha Locations: of New York, Brooklyn, New York City, German, Miami, Valley Forge , Pennsylvania, U.S