July 18, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Beverly Hills Man, Accomplice Indicted in $22M Cryptocurrency Fraud Scheme, Stalking Case

Alleged Rug Pull Schemes Targeted Investors; Defendants Face 20 Year Sentence

Two Southern California men have been charged with defrauding investors of more than $22 million through a series of cryptocurrency “rug pull” schemes, according to a six-count indictment unsealed Monday.

Gabriel Hay, 23, of Beverly Hills, and Gavin Mayo, 23, of Thousand Oaks, face charges of conspiracy to commit wire fraud, wire fraud, and stalking. The pair is accused of launching multiple digital asset projects, making false promises to investors, and abandoning the initiatives while retaining millions in funds.

Hay and Mayo were arraigned on Monday, December 23 at the United States District Court in Los Angeles.

The indictment alleges that between May 2021 and May 2024, Hay and Mayo promoted several NFT (nonfungible token) and digital asset projects, providing misleading statements and fake “roadmaps” outlining plans they had no intention of fulfilling.

In one example, Hay and Mayo marketed the Vault of Gems NFT project as the “first NFT project to be pegged to a hard asset.” However, after collecting millions from investors, they allegedly abandoned the project and others.

The accused also reportedly used tactics to hide their involvement, including falsely naming other individuals as project owners. Projects allegedly tied to the scheme include Faceless, Sinful Souls, Clout Coin, Dirty Dogs, MoonPortal, Squiggles, and Roost Coin.

The indictment further accuses the defendants of harassing a project manager who exposed their connection to the Faceless NFT project. Hay and Mayo allegedly sent threatening messages to the manager and his family, causing significant emotional distress.

“Whenever a new investment trend occurs, scammers are sure to follow,” said U.S. Attorney Martin Estrada. “We will continue efforts to protect consumers and punish wrongdoers involved in crypto fraud.”

Principal Deputy Attorney General Nicole M. Argentieri emphasized the Justice Department’s commitment to addressing cryptocurrency-related fraud. “Fraudsters take advantage of new technologies to steal investors’ hard-earned money,” Argentieri said.

HSI Executive Associate Director Katrina W. Berger added, “These crimes cost investors millions annually. Just because they aren’t violent doesn’t mean they’re victimless.”

If convicted, Hay and Mayo each face up to 20 years in prison for the conspiracy and wire fraud counts and an additional five years for the stalking charge.

The investigation was conducted by the Baltimore Field Office of Homeland Security Investigations (HSI). The case is being prosecuted by Assistant U.S. Attorney Maxwell K. Coll and Justice Department Trial Attorneys Tian Huang and Tamara Livshiz of the National Cryptocurrency Enforcement Team.

The NCET, established to combat illicit cryptocurrency use, focuses on crimes involving virtual currency exchanges, infrastructure providers, and other entities.

An indictment is an allegation, and all defendants are presumed innocent until proven guilty in court.

in News
Related Posts

Man Arrested in Brentwood for Impersonating Firefighter During Palisades Fire

July 18, 2025

July 18, 2025

The suspect faces at least 28 criminal counts—including 23 felonies—spanning incidents from 2023 to May 2025 Federal and local law...

Study Highlights Economic Impact of Cap-and-Trade Extension in Los Angeles

July 18, 2025

July 18, 2025

Governor Gavin Newsom and legislative leaders are pushing to reauthorize the program this year, citing its role in generating 287,000...

Nearly $1B Secured for Refinancing of Westfield Century City Mall

July 17, 2025

July 17, 2025

The proceeds will replace a $925 million commercial mortgage-backed securities loan, originally issued by Morgan Stanley in 2023 and due...

West Coast Premiere of ‘The Opposite of Love’ Opens at Hudson Backstage Theatre

July 17, 2025

July 17, 2025

Produced by Neil Gooding Productions, behind shows like Back to the Future: The Musical, the play runs Thursdays through Saturdays...

Tesla Seen Nearly Crashing into West LA Home After Collision

July 17, 2025

July 17, 2025

Footage depicted a blue Prius on the road with significant front-end damage A crash involving injuries was reported around 12:30...

DUI Checkpoints to be Conducted Across LA This Weekend

July 16, 2025

July 16, 2025

The LAPD selects checkpoint sites based on data indicating high incidents of impaired driving-related crashes and arrests The Los Angeles...

Mayor Bass Hails National Guard Withdrawal as Victory for Unity

July 16, 2025

July 16, 2025

The Pentagon’s decision to reduce the troop presence follows weeks of legal challenges and public demonstrations Mayor Karen Bass celebrated...

(Video) Did You Know Emma Chamberlain’s Coffee Shop is in Century City?

July 16, 2025

July 16, 2025

The outpost is a first for the popular influencer Did You Know Emma Chamberlain’s Coffee Shop is in Century City?...

Dodgers to Host Back to School Bash for Fire-Affected Families

July 16, 2025

July 16, 2025

The free event will offer free groceries, school supplies, outfits, haircuts, medical screenings, and carnival rides The Los Angeles Dodgers...

Hundreds of Red-Legged Frog Tadpoles Released in Santa Monica Mountains

July 16, 2025

July 16, 2025

Once widespread in California, red-legged frogs vanished from the Santa Monica Mountains by the 1970s Nearly 600 California red-legged frog...

LA Sees Second Straight Year of Homelessness Decline, Leaders Celebrate Progress

July 16, 2025

July 16, 2025

The survey, designed by the University of Southern California, reported a 17.5% drop—the largest two-year decrease on record The Los...

Westwood Village Board to Discuss Public Art Initiative

July 15, 2025

July 15, 2025

The initiative aims to enhance community pride, boost local business revenue, and address urban blight through public art corridors and...

Beverly Hills Plans Major Apartment Development Near Civic Center

July 15, 2025

July 15, 2025

The site, currently holding 13 residential units, is slated for demolition to make way for the new development A proposal...

Federal Judge Sides with Santa Monica, Other Local Governments Against Immigration Raids

July 15, 2025

July 15, 2025

Santa Monica Mayor Lana Negrete praised the ruling, saying it reaffirmed the city’s commitment to protecting residents from unjust detention...

California Hits Two-Thirds Clean Energy Milestone

July 15, 2025

July 15, 2025

This year, clean energy has powered the state for an average of seven hours daily, with over 90% of days...