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Man scams $70k telling friends to invest in Bitcoin

ChuChu Rocket, Sat Dec 22, 2018 9:23 pm

Police: Penn Twp. man stole $70K he claimed he would invest in Bitcoin


A Penn Township man allegedly swindled $70,000 from friends and acquaintances by encouraging them to invest in Bitcoin through him, according to state police.

Troopers allege Randall Joseph Smail, 22, kept the money for himself and used $20,000 of it to make a down payment on a $102,000 Range Rover last year, according to court documents.

Smail is charged with money laundering, theft and bad checks. He is being held in the Westmoreland County Prison on $50,00 bail.

Bitcoin is a digital currency that can be sent between people as a form of electronic payment.

A West Leechburg couple gave him $7,500 in October 2017 after Smail discussed with them “investment opportunities he had to offer,” police reported. Eight months later, he claimed the victim’s money had ballooned to $120,000, police said.

A Harrison, Allegheny County, man gave Smail $21,700 in February, which Smail said had increased to $40,000 by May. A Jeannette man gave Smail $35,000 to invest in late 2017 and a Gilpin, Armstrong County, man handed over $5,000 in January, authorities said.

All four victims unsuccessfully attempted to contact Smail about their money. State police said search warrants on Smail’s bank accounts didn’t show any evidence of all of the funds being used to purchase Bitcoin.

He allegedly fabricated account information or bank statements to show to the victims, police said.

A Jan. 3 preliminary hearing is set. Smail did not have an attorney listed in online court records.

Source: https://triblive.com/local/westmoreland ... -invest-in
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