Forsage founders indicted in $340 million Ponzi scheme 

Quick Take

  • The founders of Forsage were indicted for their alleged role in a $340 million “Ponzi and pyramid scheme.”
  • The four Russian nationals were charged with conspiracy to commit wire fraud and could face 20 years in jail if convicted.

The founders of Forsage, a decentralized finance crypto investment platform, were indicted for their alleged roles in a $340 million “global Ponzi and pyramid scheme.” 

A federal grand jury returned an indictment charging four Russian nationals for their role at the platform: Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev and Sergey Maslakov. 

All four were charged with conspiracy to commit wire fraud and could face 20 years in jail if convicted. 

“The defendants aggressively promoted Forsage to the public through social media as a legitimate and lucrative business opportunity, but in reality, the defendants operated Forsage as a Ponzi and pyramid investment scheme that took in approximately $340 million from victim-investors around the world,” the Justice Department said in a press release. 

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