A young alleged crypto fraudster lived a “fantastically extravagant” lifestyle with the funds he is accused of stealing, enjoying sports cars, a luxury rental house, and private jet rentals.

Newport Beach resident Evan Tangeman, 22, has been sentenced to 70 months in prison for helping launder more than $263 million in cryptocurrency for a “multi-state criminal enterprise.”

He previously pleaded guilty to laundering at least $3.5 million for members of the enterprise, which originated from online gaming platforms with individuals spread across the country.

Tangemen and his associates allegedly stole the money with the help of “database hackers, organizers, target identifiers, callers, and residential burglars targeting hardware virtual currency wallets,” according to the Justice Department.

With the stolen funds, they purchased “nightclub services,” exotic vehicles like a black 2022 Rolls Royce Ghost seized at Tangeman’s home, private jet rentals, private security, and a variety of rental homes in Los Angeles, Miami and The Hamptons.

Tangeman also received exotic cars for his services like the Rolls Royce and a widebody Lamborghini Urus.

Justice Department officials say the greed bordered on being “cartoonish.”

“This criminal enterprise was built on greed so brazen it borders on the cartoonish. They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes,”  Washington, D.C., U.S. Attorney Jeanine Pirro said.

“But Evan Tangeman didn’t just launder the money that fueled that lifestyle. When his co-conspirators were arrested, he moved to destroy the evidence. That is consciousness of guilt, and this office and the court have treated that accordingly,” she added.

Most of the members of the criminal enterprise were unemployed men under 20 years old.

A variety of law enforcement agencies investigated the case, including the U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and the IRS-Criminal Investigation Washington D.C. Field Office.

U.S. District Court Judge Colleen Kollar-Kotelly also ordered Tangeman to serve three years of supervised release after his 70-month sentence.

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