A crypto investor hit with serious criminal charges has been pushed out of his successful start-up after board members learned of money laundering case.
A crypto investor hit with serious criminal charges has been pushed out of his successful start-up after board members learned of money laundering case.

Disgraced crypto king pushed from start-up after charge

TOWNSVILLE'S disgraced crypto king was pushed out of his successful start-up after board members learned police had filed federal money laundering charges against him earlier this month.

The Bulletin on Wednesday revealed former supplement salesman turned jetsetting cryptocurrency investor Michael James Sloggett was facing serious criminal proceedings and was accused of cleaning more than $2 million worth of dirty cash.

The 37-year-old is no longer part of the high-profile cryptocurrency training academy he launched in 2017 with a spokesman for Townsville-based MBA Training Academy confirming on Thursday it "severed"all ties with Sloggett and reported the allegations to regulatory bodies

after state and federal police flagged the charges.

Townsville cryptocurrency investor Michael Sloggett is charged with a string of money laundering offences. Screenshot of his post in a cryptocurrency page boasting a $200,000 profit in seven days.
Townsville cryptocurrency investor Michael Sloggett is charged with a string of money laundering offences. Screenshot of his post in a cryptocurrency page boasting a $200,000 profit in seven days.

"The police confirmed MBA Training Academy has no case to answer," the MBA spokesman said.

Sloggett is accused of exchanging money for digital currency for anonymous customers.

In total he faces five money laundering charges including dealing in proceeds of crime worth $1 million or more between December 2020 and April 2021.

It is alleged he deposited more than $170,000 through almost 100 ATM transactions at the Willows shopping centre in a manner that avoided reporting requirements related to threshold transactions.

Court documents reveal the 37-year-old is banned from contacting six people as part of his strict bail conditions imposed when he was released from the Townsville Watch House.

On the list is his former business partner Sam Karagiozis as well as Karagiozis' brother and fiance.

The man bringing Souvlaki GR to Toowoomba is Sam Karagiozis,
The man bringing Souvlaki GR to Toowoomba is Sam Karagiozis,

Karagiozis, who faces a string of offences including importing drugs, launched his own cryptocurrency AUSCOIN travelled alongside Sloggett in 2017 rallying investments as part of the scheme to install thousands of crypto ATMs around the country.

Police continue their investigations into Sloggett who is on bail.

Originally published as Disgraced crypto king pushed from start-up after criminal charge



Revealed: Several art events to receive $48k grant

Premium Content Revealed: Several art events to receive $48k grant

Several community art programs will share more than $48,000, thanks to a recent...

Burnett: ‘Labor will create jobs of the future’

Premium Content Burnett: ‘Labor will create jobs of the future’

ALP Candidate for Flynn Matt Burnett has responded to Anthony Albanese’s budget...