Catch Me If You Can: $150 Million Crypto Scammer Rips Off Ankle Monitor BUT Who is Horst Jicha?

Horst Jicha, 64, a German citizen who, until recently, was under home detention in New York on a $5 million bond guaranteed by his domestic partner and children. Jicha is now considered a fugitive after his ankle monitor went offline, and he skipped a scheduled court date.

The German national has been charged with orchestrating a $150 million multi-level-marketing (MLM) cryptocurrency scam under the name USI Tech.

Fugitive Scammer Horst Jicha Has Left His Family On The Hook After They Guaranteed His Multi-Million Dollar Bond

John Marzulli, a spokesman for the Brooklyn US Attorney’s office, made a statement on Friday (October 11), after Horst Jicha failed to appear in federal court as scheduled. He said, “There’s a very active investigation underway to capture him,” before adding, “We are going to forfeit the bond.”

Prosecutors will now seek to obtain the $4 million portion of the bond that had been personally guaranteed by Jicha’s partner, children and three other people, all currently residing in Germany. Another $1 million in cash to secure the bond had been deposited with the federal government.

Horst is suspected of having removed his ankle bracelet monitor on or around October 3, before going into hiding. He is scheduled to go on trial next year, on March 31. The alleged scammer faces multiple charges of securities fraud and conspiracy related to a MLM scheme known as USI Tech.

As of Friday (October 11), Horst Jicha’s whereabouts were unknown, making him a highly sought-after fugitive. Court records show that before his 2023 arrest in Florida, he had lived in Brazil and Spain.

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Horst Jicha Promised Investors 140% Returns Within 5 Months Via His USI Tech Ponzi

Prosecutors claim that Jicha duped retail investors with promises of 140% returns on their investment within a 140-day period.  His unsuspecting clients were told that they could invest in Bitcoin mining and trading operations. The MLM aspect of the scam came with Horst claiming that investors could earn commissions for referring others to buy USI Tech products.

Back in January, FBI Assistant Director in Charge James Smith said, “In reality, the platform was just a facade, and when questions arose, Jicha stole millions of his investors’ money and fled the country.”

In early 2018, after USI Tech became a target for US regulators, “it ceased all U.S. operations overnight, leaving investors with no ability to access their money and resulting in millions of dollars in losses,” the prosecution said.

They went on to say that much of the missing money in the scam (valued at around $150 million as of the date of his arrest), was held in Bitcoin and Ethereum across multiple wallets. After USI Tech ceased operating, those digital assets were sent to wallet addresses controlled by Horst Jicha.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.