SEC charges former corrections officer for role in bizarre crypto scam
John A. DeSalvo allegedly solicited ICO money from police and orchestrated a pump and dump on PancakeSwap shortly after. John A. DeSalvo, a former lieutenant at the New Jersey Department of Corrections, has been charged by the U.S. Securities and Exchange Commission (SEC) for orchestrating a crypto scam that specifically targeted police officers and first responders. According to the Aug. 23 announcement, DeSalvo allegedly raised $623,388 from 222 investors through sales of his own Blazar token from November 2021 to May 2022. DeSalvo proclaimed Blazar would "replace traditional state pension systems" for police, firefighters, and paramedics alike, thereby providing lucrative returns. DeSalvo allegedly told investors: "Blazar Token is the first token or coin that is able to be purchased through payroll deduction every week. It will be taken out of one's weekly earnings pretax similar to payment into a pension, 401k, IRA, or any other retirement savings plans....