Riccardo Spagni was a former lead maintainer for Monero’s privacy coin project and co-founder of the emoji username Yat. He was handcuffed by US officials and faces prosecution in South Africa for fraud allegations.
The case was filed last month, stating that Spagni has been involved in invoice fraudulent activity in his previous company. Back in 2009, Spagni worked as an IT manager in a South African company, Cape Cookies.
According to the court notice, the report states that Spagni obtained invoices and other data from a company named ‘Ensync’. The evidence shows that he redirects the payment to an account which he controls by creating new invoices. Significantly, the account has received nearly 1,453,561.47 South African Rand or $99,185 for his fraudulent activity.
According to the documents, Spagni is having significant cryptocurrency assets that would enable him to flee with his current holdings worth $800,000.
Spagni Failed To Appear in Court
Spagni was previously charged in a regional court in Cape Town with fraud and related charges but did not appear in court. Moreover, Spagni was caught red-handed last month during a refueling stop in Nashville on a flight from New York to Los Cabos, Mexico. The US authorities arrested him as requested by the South African government. Spagni could experience twenty years in prison if convicted.
Significantly, on behalf of Spagni, his wife Saskia Spagni tweeted a post on Monday that states:
However, Spagni is currently in the custody of the United States Marshals Service and will be denied bail until his prosecution, according to the court order.
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