15 Months for a $1.4M "Stake" in Fraud: Queens Man Jailed for Impersonating Crypto Influencers

A 39-year-old New York man who impersonated popular crypto influencers to run a wire-fraud scheme has been sentenced to 15 months in federal prison, followed by three years of supervised release. Noman Saleem, of Queens and Levittown, received the term from U.S. District Judge Deborah K. Chasanow in the District of Maryland on Tuesday, according to the U.S. Attorney's Office for the District of Maryland.

Prosecutors said the scheme began in December 2020, when Saleem created Telegram handles mimicking two well-known online crypto influencers and built a public channel that drew thousands of followers. He then charged roughly $500 to $600 in crypto for access to a "VIP" channel, where members believed they were messaging the real figures. Inside, he advertised staking rewards over 30- to 90-day terms, telling investors higher deposits would yield higher returns. He never staked anything; crypto staking typically involves locking up tokens to help secure a blockchain in exchange for yield, often in the range of 5% to 20%.

In total, Saleem collected at least $1.4 million in crypto and cash, including from a victim in Maryland, court documents show. After receiving the funds, he cut off contact with investors. The government recovered much of the money following his guilty plea last September, prosecutors said. The FBI's Baltimore field office investigated the case.

The sentencing comes as U.S. regulators continue to pursue fraud dressed in crypto's jargon, where impostors lean on the names of trusted figures and the lure of passive income to separate investors from their coins. Separately, the SEC hosted a delegation of South Korean officials and digital-asset stakeholders on Tuesday to discuss stablecoin regulation, tokenized securities, and cross-border coordination with the commission's crypto task force, according to a memorandum released by the SEC. President Donald Trump also abruptly canceled a Wednesday signing ceremony for the bipartisan 21st Century ROAD to Housing Act, a sweeping housing bill that includes a provision banning the U.S. government from issuing a central bank digital currency until 2031.