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Cloudy skies early, followed by partial clearing. A few flurries or snow showers possible. High 23F. Winds NW at 5 to 10 mph..
A few clouds. Low 13F. Winds light and variable.
Updated: January 31, 2023 @ 10:14 am
Shane Hvizdzak
Sean Hvizdzak
Shane Hvizdzak
Sean Hvizdzak
BRADFORD, Pa. — A federal judge has denied the request by the Hvizdzak brothers to unfreeze seized assets to pay attorneys for their defense in the criminal and civil cases relating to an alleged multi-million-dollar cryptocurrency scheme.
Shane Hvizdzak, 34, of Bradford, and Sean Hvizdzak, 36, of St. Marys, were charged in a 65-count indictment in August 2021 with conspiracy to commit wire fraud, wire fraud and money laundering. The indictment contains forfeiture allegations which apply to $341,532 in cash, two Rolex watches, digital currency and the home that Shane Hvizdzak was having built at 561 High St. in Bradford.
Shane Hvizdzak had filed a motion seeking to unfreeze $250,000 in assets to allow for him to pay for an attorney of his choice; Sean Hvizdzak filed a motion saying in the interest of fairness, if his brother were to get assets unfrozen to pay attorney’s fees, he would like the same.
Earlier this month, Judge W. Scott Hardy said no. That $500,000 in assets is subject to forfeiture, he ruled, and “a defendant has no … right to spend another person’s money for services rendered by an attorney,” read a memorandum in the case.
The pair are also facing a civil enforcement action by the federal Securities and Exchange Commission for the same allegations. The pair allegedly bilked investors out of approximately $31 million, saying it was being invested in digital assets and fabricating statements saying the investments were earning huge returns. The two allegedly put the assets in their personal accounts and moved it outside the U.S.
The brothers and the corporate entities through which they were doing business — High Street Capital, Hvizdzak Capital Management and High Street Capital Partners — were cited in June 2020 by the federal Securities and Exchange Commission and indicted in August 2021.
The SEC case is under a temporary stay while the criminal case proceeds. During that stay, the investigation into attempting to locate more investor funds has been ongoing, albeit unsuccessfully.
“The SEC contends that at least $24 million in additional investor funds entrusted to the defendants remain missing,” a note in Hardy’s memorandum stated. “The SEC now represents that it has not located any additional investor assets despite completing its search after undertaking diligent efforts.”
Also in the case, the judge appointed two attorneys to represent Shane Hvizdzak, both experts in white-collar crimes, with a caveat — he may be required to pay for all or part of the cost of his representation at the conclusion of the case. The attorneys are John Schwab and Jennifer Bouriat, both of Pittsburgh.
The reasoning behind two attorneys was the difficulty of the case, the voluminous discovery and significant potential penalties, according to court documents.
At last report, the next due date in the case is for pre-trial motions to be made by April 7.
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