— A man has been charged in the ring of ring-takedown ring busts that netted hundreds of millions of dollars in stolen money.
Authorities say 31-year-old Matthew Cramer of New York was arrested Wednesday on federal charges stemming from the ring, which began in April 2015 and involved more than 150 suspects, including the ring leader, who was sentenced to more than 30 years in prison.
Cramer was arrested on Wednesday on charges of money laundering, wire fraud and aiding and abetting wire fraud, according to a criminal complaint filed in U.S. District Court in Brooklyn.
He was charged in federal court with wire fraud conspiracy, wire theft conspiracy, money laundering and aiding or abetting a wire fraud crime.
Prosecutors allege Cramer is the ringleader of the ring and that he used a variety of schemes to defraud investors in exchange for a payout.
The ringleaders used a combination of computer hacking, extortion and other methods to steal money from investors, the complaint said.
Investigators believe Cramer received millions of counterfeit checks and money transfers from investors and the money was used to buy items in the online gambling market.
Federal agents also seized assets from Cramer and two other suspects and were searching for the ring’s leader, the federal complaint said, adding that Cramer faces up to 50 years in federal prison.