A German national who was under home detention in New York City for allegedly overseeing a $150 million cryptocurrency fraud has become a fugitive after cutting off his ankle monitor and disappearing.
Horst Jicha, who was awaiting trial on charges of securities fraud and conspiracy related to the multi-level marketing scheme USI Tech, is believed to have tampered with his electronic monitoring device on October 3rd. The Brooklyn U.S. attorney’s office has initiated a full-scale investigation to apprehend him.
Jicha was released on a $5 million bond earlier this year, secured by his domestic partner and children. Prosecutors are now seeking to forfeit the $4 million portion of the bond that was personally guaranteed by his family members, all of whom reside in Germany.
The remaining $1 million was deposited in cash with the federal government.
The defendant was scheduled to go on trial in March 2024, but his disappearance has thrown the case into uncertainty. Prosecutors allege that Jicha lured investors into USI Tech with promises of high returns on their cryptocurrency investments, only to defraud them of millions of dollars.
Jicha’s whereabouts are currently unknown. Before his arrest in Florida last year, he is believed to have lived in Brazil and Spain.