CluCoin founder asks court to replace prison term with probation
Date: 2025-02-13 Author: Henry Casey Categories: BUSINESS
In the court petition, Taylor noted that he has a stable income and is ready to compensate the victims $25,000. He stated that with a suspended sentence, he will be able to pay large sums to the victims. He also asked the court to take into account his 15 years of military service when sentencing.
The prosecutor's office insists on imprisoning Taylor for two and a half years followed by a three-year probation period, considering this a fair punishment for cryptocurrency fraud.
The CluCoin project and the CLU token were launched by Taylor in May 2021. He later attracted funds from investors, promising to create an NFT platform and a metaverse. However, in May 2022, he withdrew $1.14 million of client money and spent it on gambling. He pleaded guilty to wire fraud last year.
Miami law enforcement announced that they would be reaching out to CluCoin victims via NFT mailings, one of the first attempts to use digital collectible tokens to reach victims.
