Amir Elmaani, the founder of Oyster Protocol cryptocurrency, has been sentenced to four years in jail for failing to pay taxes on millions in earnings, resulting in $5.5 million in tax losses.
Amir Bruno Elmaani, the creator of Oyster Protocol, has been handed a four-year prison sentence for his involvement in tax fraud. Elmaani secretly generated and sold Pearl tokens without reporting the income to tax authorities. He confessed to causing more than $5.5 million in tax losses.
In 2017, he introduced a new cryptocurrency named Pearl, but in 2018, he surreptitiously minted numerous additional Pearl tokens, selling them for personal gain, amassing millions. During tax filings, Elmaani claimed to have earned only $15,000 in 2017 and no income in 2018. Yet, he spent over $10 million on luxury items, including boats, houses, and gold bars.
He acquired properties through deceptive means, involving fake companies and assistance from associates. Notably, he held gold on one of his vessels. Elmaani’s tax evasion extended to seeking aid from friends and family to conceal his financial gains. Besides his prison term, he is required to repay the $5.5 million in unpaid taxes.