SARATOGA COUNTY, NY (WRGB) — A Milton man was arrested on fraud charges after he allegedly accepted money for contract work he never completed.
The Saratoga County Sheriff’s Office arrested Jeremy Ostrander, 35, on April 22nd for grand larceny in the 4th degree (class E felony).
The Sheriff’s Office says Ostrander is accused of stealing $2,100 from another person on November 21, 2021. He accepted the money from another person in exchange for a contracting job that he allegedly never began.
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Ostrander was released on an appearance ticket pending proceedings in Ballston Town Court.
THE HASHFLARE “CLOUD MINING” PONZI SCHEME (GLOBAL/ESTONIA)
Date: February 13, 2025 (Guilty Pleas) Perpetrators: Sergei Potapenko and Ivan Turogin
Case Description: This $577 million cryptocurrency fraud remains one of the largest digital asset scams in history, with major legal developments concluding in 2025. Potapenko and Turogin operated “Hashflare,” which they marketed as a massive cryptocurrency mining operation. Hundreds of thousands of victims worldwide purchased “mining contracts,” believing they were renting hash power to mine Bitcoin. In reality, the duo was running a sophisticated Ponzi scheme.
They created fake customer dashboards that showed “real-time” mining profits, but the money being paid out was simply the capital of newer investors. They laundered the proceeds through shell companies to purchase luxury real estate and a fleet of high-end vehicles. After a massive international investigation involving the FBI and Estonian authorities, the pair agreed to forfeit over $400 million in assets. This case underscores the “Cyber-enabled Fraud” warning issued by the FATF in early 2026: as technology evolves, the scale of fraud moves from local millions to global billions in the blink of an eye.
Link to Original: ACFE – High Profile Fraud of 2025