Blazar Token creator accused of using investor funds for renovating bathroom 🤣

The US Securities and Exchange Commission and the US Attorney's Office for the District of New Jersey have filed civil and criminal charges against John A. DeSalvo, a former New Jersey State Correctional Police Officer, over an alleged investment fraud. The SEC complaint alleges DeSalvo raised about $95,000 from 17 investors in February 2021 for an earlier scheme, then misappropriated the remaining $78,000, including a $10,000 check to a contractor for a bathroom renovation. The SEC also alleges DeSalvo misused funds raised for the Blazar Token, which he created in November 2021 and which collapsed in May 2022. Criminal charges include wire fraud, securities fraud and money laundering, each carrying a maximum potential sentence of 20 years.