Former South Lake Tahoe man found guilty of cryptocurrency schemes

SOUTH LAKE TAHOE, California (KOLO) – A former South Lake Tahoe man has been found guilty in a series of scams involving cryptocurrency.

The Department of Justice says 53-year-old Daniel Chartraw also used sham business ventures and false investment guarantees causing substantial financial losses to numerous victims nationwide.

The DOJ says that, between March 2021 and February 2022, Chartraw and an associate controlled multiple companies. They say that he and several other individuals acting on his behalf represented that one of his companies was a web-based cryptocurrency trading company that guaranteed high returns with no risk.

At various points, he also claimed his other company, TDA Global, was engaged in supplying jet fuel to airlines or operated its own cryptocurrency trading platform.

“This verdict sends a clear message: individuals who exploit the trust of others and steal through deception will be held accountable,” said U.S. Attorney Grant. “The defendant lied to investors and caused serious financial and emotional harm. Our office will continue to pursue those who use emerging technologies, including cryptocurrency, as vehicles for fraud.”

Chartraw communicated with potential and existing investors through phone calls, texts, emails and virtual meetings using Teams and Zoom. The DOJ says that, although he was directing operations, he frequently used aliases and told associates he needed to conceal his identity due to a prior fraud conviction.

The DOJ says he repeatedly accessed his company’s bank account despite not being a signatory, and used it to withdraw cash, make purchases, and transfer investor funds to accounts he controlled.

Authorities say he also used fabricated account statements, false assurances of growth, and repeated misrepresentations to persuade victims to invest additional funds. When investors attempted to recover their money or questioned delays, Chartraw provided excuses, deflected responsibility or stopped communication altogether.

The total loss to investors was nearly $1 million.

Chartraw will be sentenced in September and faces a maximum of 20 years in prison and a fine of $250,000 for each count