– Charles Parks III was sentenced to 1 year and 1 day for defrauding cloud providers of $3.5M in computing resources used for crypto mining.
– He created fake LLCs and falsely claimed to build a training firm, while secretly diverting resources to mine $1M in ETH, LTC, and XMR.
– Parks laundered proceeds via crypto exchanges and NFT platforms, buying luxury items before pleading guilty to wire fraud in December 2024.
– The court ordered $500K forfeiture and Mercedes-Benz seizure, with restitution pending, as officials condemned his “lies and theft” over claimed innovation.