A man from Wellington, New Zealand, was arrested as part of a $265 million cryptocurrency fraud investigation led by the FBI. This arrest is one of 13 resulting from searches conducted in Auckland, Wellington, and California. Allegations claim the organized criminal group involved manipulated seven victims to acquire significant amounts of cryptocurrency, which was then laundered through multiple platforms from March to August 2024. The U.S. Department of Justice has indicted the man on federal charges including racketeering, wire fraud conspiracy, and money laundering. It is alleged that the criminal proceeds were used to buy $9 million worth of luxury vehicles and spend lavishly on high-end goods and services in locations like Los Angeles, Miami, and the Hamptons. The individual appeared in Auckland District Court and has been granted bail with interim name suppression, with a follow-up court date scheduled for July 3. The investigation is ongoing, demonstrating the importance of international cooperation in tackling cross-border crime.

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