#MicroStrategy Loosens Stock Rules Investment fraud.. from Ponzi to fake digital currencies

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Do Kwon pleaded guilty to charges of conspiracy to commit fraud and electronic fraud before a U.S. court judge in New York ( Reuters )
He faces a penalty of up to 25 years in prison in a ruling expected to be issued on December 11, although Attorney General Kimberly Raviner stated that the government has agreed to seek a prison sentence of no more than 12 years provided that he acknowledges his responsibility for his crimes.
Kwon is one of several cryptocurrency moguls facing federal charges after a drop in cryptocurrency prices in 2022 led to the collapse of several companies.
The plaintiffs alleged that when the price of "Terra USD" fell below the value of the US dollar in May 2021, they informed investors that a computer algorithm known as the "Terra Protocol" had restored the value of the currency.
Instead, they said he arranged for a high-frequency trading company to secretly buy millions of dollars worth of the currency to artificially support its price.
The plaintiffs stated that false claims and others led individual and institutional investors to purchase products from "Teralabs," raising the value of the "Luna" cryptocurrency - a traditional digital currency that fluctuates in value but is closely tied to "Terra USD" - to $50 billion by the spring of 2022.
In court, Kwon apologized for his behavior. He said, "I made false and misleading statements about why the currency peg was restored by not disclosing the role of the trading company in restoring this peg.. What I did was wrong.