Thomas John Sfraga, also known as "TJ Stone," pleaded guilty Thursday in a Brooklyn federal court to wire fraud charges.

Sfraga allegedly promised investors up to 60% returns in three months for a fake cryptocurrency digital wallet, according to a Friday release from the U.S. Department of Justice. Instead, he purportedly pocketed the funds, using some of the money to pay prior victims of his schemes. He faces up to 20 years in prison and a restitution of $1.33 million, the DOJ release adds.

“For years, Sfraga brazenly lied to friends, neighbors and investors to swindle over $1.3 million of their hard-earned life savings,” stated U.S. attorney Breon Peace in the statement. Sfraga only holds experience in real estate development, media relations, podcasting and cryptocurrency, as well as …