The Justice Department has sentenced Justin Cheng, a former fintech CEO, to six years in prison. As per the sources, Cheng raised $400,000 from a lending startup by misleading investors about the feasibility of the projects and the legality of an initial coin offering. Cheng also committed wire fraud and generated millions of dollars from the COVID relief fraud. However, Chend has pleaded guilty to charges related to COVID-19 pandemic loan fraud and Crypto investment fraud.