Dwayne Golden Sentenced to 97 Months in Prison for Crypto Ponzi Schemes

On Friday, June 27, 2025, the U.S. Attorney’s Office for the Eastern District of New York announced that Dwayne Golden, a 57-year-old from Harrisburg, Pennsylvania, was sentenced to 97 months in prison for his role in a conspiracy to commit wire fraud and money laundering. The sentencing took place in federal court in Brooklyn before U.S. District Judge William F. Kuntz II. Golden was also ordered to forfeit approximately $2.46 million in illicit profits, with restitution to be determined later.

Golden, along with co-conspirators Gregory Aggesen, Marquis Demacking Egerton, and William White, operated fraudulent digital asset companies named EmpowerCoin, ECoinPlus, and Jet-Coin between April and August 2017. The group lured investors with promises of guaranteed fixed returns through overseas digital asset trading. In reality, no trading occurred, and the companies functioned as Ponzi schemes, using new investors’ funds to pay earlier investors or for personal gain. The schemes amassed over $40 million before collapsing.

From July 2017 to March 2022, Golden, Aggesen, and White also conspired to obstruct investigations by the Federal Trade Commission and a federal grand jury. They destroyed evidence, and White provided false information to the FTC and in response to a grand jury subpoena on behalf of Aggesen.

All four defendants have pleaded guilty. William White, 54, also from Harrisburg, received a 30-month prison sentence. Gregory Aggesen, 58, from Standfordville, New York, and Marquis Demacking Egerton, 58, from Washington, North Carolina, await sentencing.

U.S. Attorney Joseph Nocella Jr. emphasized the office’s commitment to protecting investors and the integrity of digital asset markets. The investigation received significant support from the Commodity Futures Trading Commission, with FBI Assistant Director in Charge Christopher G. Raia highlighting the agency’s dedication to dismantling fraudulent operations.