Accused German National Fleeing New York City After Alleged $150m Cryptocurrency Fraud Evades Bail
In a bizarre turn of events, Horst Jicha, a German national, has become a fugitive after allegedly tampering with his ankle monitor and failing to appear in a Brooklyn court. Jicha, who was living in Brooklyn and under house arrest, was not permitted to leave New York City or Long Island.
Jicha is accused of running a cryptocurrency scam through his company, USI Tech. The US Attorney's Office is actively investigating the case to capture Jicha. He is alleged to have made false guarantees of high returns on investments and false claims about the legality of USI Tech's investment offerings.
Prior to his arrest, Jicha brought USI Tech to the United States and aggressively marketed it to US retailers on social media and through in-person presentations. Investors could earn returns through two methods: investing in bitcoin mining and trading, or by referring other investors to the platform.
The bond, which was put up by Jicha's family, will be forfeited due to his disappearance. The saga began when Pretrial Services emailed Jicha asking him to appear at their office the following day. However, the ankle monitor, which Jicha was required to wear, was not operating correctly. Despite this, Jicha failed to show up at the office, over 24 hours after Pretrial Services became aware that the monitor had potentially been tampered with.
Pretrial Services did not inform prosecutors about the situation until Jicha failed to show up. The US Attorney's Office is still actively investigating the case to capture Jicha. As of now, Jicha's new defenders after violating house arrest and becoming a fugitive are not publicly known.
USI Tech promised investors returns of 140% in just 140 days, around 2017. Jicha was arrested in Florida over the case in late 2023. The details of his arrest and subsequent disappearance have not been disclosed.
This case serves as a reminder of the importance of due diligence when investing in any venture, especially those involving cryptocurrencies. It also underscores the need for transparency and accountability in the financial industry.
