Man Accused Of Defrauding Cloud Computing Companies And Mining Cryptocurrency

According to Foresight News, Charles O. Parks III, also known as 'CP3O', has been accused by the Brooklyn U.S. Attorney's Office of defrauding two cloud computing providers out of $3.5 million and mining cryptocurrency worth $970,000, including Ethereum, Litecoin, and Monero. Parks allegedly used the resources of the two companies for mining without making any payments. The indictment alleges that Parks devised a payment scheme to avoid submitting reports required under federal law for transfers exceeding $10,000. Prosecutors claim that Parks repeatedly transferred amounts of $9,999 and smaller from cryptocurrency exchanges to bank accounts. The proceeds were allegedly used by Parks to purchase luxury items, including a high-end Mercedes Benz, jewelry, and 'first-class hotel and travel expenses'. Parks faces a maximum combined criminal sentence of 50 years and is scheduled to appear in federal court in Omaha on April 16.