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US Charges Canadian Crypto Fund Manager with $42M Fraud Scheme

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U.S. authorities have charged Nathan Gauvin, founder of Canadian crypto fund Gray Digital, in a $42 million fraud case linked to liquidity and crypto markets. Gauvin, 26, allegedly promised nearly 200% annual returns through a mix of stocks, derivatives, debt, and crypto. He faces 21 counts, including securities and wire fraud, identity theft, and money laundering. Arrested in England, he awaits extradition. The scheme, from May 2022 to October 2024, involved falsifying records and siphoning funds for luxury goods and personal expenses. The SEC had launched an investigation in November 2024 under growing scrutiny of EU Markets in Crypto-Assets Regulation and similar global frameworks.
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