Man induced someone to invest in a domain acquisition scheme in which the transactions were not arms-length.
An Ohio man has been sentenced to 90 days in jail for his role in a domain name investment scheme, reports the Cincinnati Enquirer.
The scheme worked like this: the perpetrator tricked the victim into investing in domain names, which he said he would buy based on his domain investing expertise. But it turns out the man had side deals related to the domain names. They were not arms-length domain name transactions like he led the investor to believe.
The Cincinnati Enquirer reported that Aaron Pitman pleaded guilty in October to securities fraud, misrepresentation in the sale of securities, and money laundering.
More details about the scheme can be found in this appeals court case.
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