Ohio Victim Loses $198,232 in Cryptocurrency Scam, DOJ Seeks Forfeiture of Traced Funds

Federal prosecutors have filed a civil forfeiture complaint targeting cryptocurrency traced to a fraud that drained nearly $200,000 from an Ohio man’s retirement savings.

An Eastlake resident transferred funds from his retirement account to a local bank and then to Coinbase after an unsolicited caller using the alias “Jake Williams” posed as a trading expert, says the U.S. Attorney’s Office for the Northern District of Ohio.

The fraudster gained remote access to the victim’s laptop and moved the money through roughly 60 transfers between December 2025 and March 2026.

“During the course of the scheme, the fraudster showed the victim a cryptocurrency wallet—that supposedly belonged to the victim—with a purported value of approximately $860,000, which included the supposed investment gains. When the victim requested to withdraw the funds, fraudster ‘Jake’ said that it was not possible due to an IRS freeze on the account because the victim’s accountant had not filed taxes since 2021.”

Investigators traced $65,028.09 in USDC on the Ethereum blockchain to an address that Circle later blocklisted following a May 2026 federal warrant.

The complaint, filed November 9th, 2026, seeks return of the stablecoin to the victim if the forfeiture succeeds.

The FBI Cleveland Division opened the case after the victim reported the loss to the Internet Crime Complaint Center.

Additional complaints involving similar schemes attributed to a person named “Jake” have reached the FBI through the same channel.

Conviction on related fraud charges can bring lengthy prison terms and substantial fines.