Shane Donovan Moore, 37, was convicted of wire fraud involving more than 40 investors across multiple US states, deceiving them into contributing over $900,000 under false pretenses.
During the sentencing hearing, US District Judge Tana Lin emphasized the psychological and emotional toll on Moore’s victims. Many of the investors were individuals Moore met through his rugby connections in Washington, Oregon, Utah, Connecticut, and New Jersey.
Assistant US Attorney Brian Wynne noted in court filings that Moore used investor funds to finance personal living expenses, including luxury travel, clothing, electronics, and apartment deposits.
The Justice Department highlighted that Moore’s actions led to substantial financial losses. While over $900,000 was collected in total, victims were left with a combined loss of more than $387,000.
The discrepancy stems from Moore’s use of new investments to partially refund earlier ones, sustaining the deception over a 21-month period.
The Federal Bureau of Investigation conducted the probe into Moore’s activities, with the case prosecuted by Assistant US Attorneys Brian Wynne and Casey Conzatti.
Acting US Attorney Teal Luthy Miller noted that Moore capitalized on the emerging popularity of cryptocurrency to commit a familiar form of fraud. “He used the newness of cryptocurrency to commit an age-old fraud—a Ponzi scheme,” Miller said.
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