New York crypto character used ‘Seinfeld’ joke in fraud: feds

Yada, yada, yada, this cryptocurrency criminal is not laughing now.

A New York man swindled greater than $1.3 million from buddies, neighbors and buyers by amongst different issues getting them to spend money on bogus actual property tasks involving an organization named after a joke within the classic TV comedy “Seinfeld,” and a fictitious cryptocurrency, federal prosecutors mentioned Friday.

Thomas John Sfraga, 55, from 2019 by means of 2022 “held himself out because the proprietor and principal of a number of companies, together with Vandelay Contracting Corp. and Construct Sturdy Houses LLC,” the Brooklyn U.S. Lawyer’s Workplace mentioned in an announcement.

“Within the tv present ‘Seinfeld,’ the character George [Costanza] falsely claimed to have interviewed for a job with the fictional firm Vandelay Industries,” the workplace famous. Within the episode, the invariably hapless Costanza claims he was searching for a place as a latex salesman.

Sfraga, who assumed the crypto character of “T.J. Stone,” pitched himself as a serial entrepreneur with expertise in actual property improvement, media relations, podcasting and cryptocurrencies, prosecutors mentioned, together with appearing because the host or emcee of cryptocurrency occasions in New York.

Prosecutors mentioned Sfraga promised victims funding returns as excessive as 60% in three months, however in actuality used the cash for his personal profit “to pay bills, and to pay earlier victims and enterprise associates.”

Sfraga, who lives in Brooklyn, pleaded responsible Thursday in Brooklyn federal courtroom to wire fraud, prosecutors mentioned.

He faces a most doable sentence of 20 years in jail, along with being ordered to pay restitution of greater than $1.3 million.