LEBANON, Ind. — A Lebanon man faces decades in prison after pleading guilty to his role in a massive cryptocurrency scam.
According to our partners at the Lebanon Reporter, federal prosecutors say 20-year-old Evan Light was among a group who stole $37 million from almost 600 victims. Investigators say the group infiltrated an investment holding company's computer servers.
In May 2023, the FBI searched a home in Lebanon, where Light lived with his mother.
In a plea agreement, Light reportedly admitted to stealing personal identifiable information from an actual client of the investment holding company. He then used that identity to break into the company's computer server, accessing the holdings of hundreds of clients, the newspaper reported.
"I knew then and know now that these proceeds were unlawfully obtained and were subsequently unlawfully laundered to conceal their source, control, ownership, and location," Light wrote in the agreement. "As an overt act in the conspiracies, I transferred and wired the unlawfully obtained cryptocurrency proceeds, or a portion thereof, in interstate and foreign commerce and then moved such proceeds to a cold wallet under my control."
Light faces a 20-year sentence in federal prison and a $250,000 fine for conspiracy to commit wire fraud. In the charge of conspiracy to launder monetary instruments. According to court documents, the court could also order him to pay restitution of $37,704,560.
None of Light's alleged co-conspirators were named in the plea agreement, according to the Lebanon Reporter.
No date has been set for Light's sentencing at this time.