Gavin Mayo: From D1 Swimming Star to Alleged Architect of Major NFT Fraud Scandal

Previous UNC swimming recruit Gavin Mayo has been charged with allegations that he and another individual, Gabriel Hay, swindled investors out of more than $22 million in cryptocurrency through what is termed a “rugpull” scheme.

The U.S. Justice Department indicates that a rugpull constitutes “a type of fraudulent operation in which the originator of a non-fungible token (NFT) or other digital asset endeavor solicits investment from participants and then suddenly abandons the project while unlawfully keeping the investors’ finances.”

Mayo and Hay, both aged 23, stand accused of deceiving investors and misleading them out of tens of millions of dollars. They also face charges for threatening a project manager who tried to unveil the fraudulent activities.

The video below elucidates Mayo’s purported involvement in the scheme:

Native to Greensburg, Pennsylvania, Mayo hails from just 45 minutes away from Pittsburgh. An accomplished sprinter, he secured 9th place in the 2019 Pennsylvania AAA Boys’ State Championship for the 50 free and concluded high school with a personal best of 20.60.

Although he committed to swim at the University of North Carolina, and briefly appeared on the team’s roster, he never participated in a meet for the Tarheels. He eventually exited UNC and initiated a TikTok account focusing on an ultra-alpha-male persona, where he shared videos on topics such as consuming raw chicken for hydration in lieu of water and dubbing himself the “youngest billionaire in the world.”

One of Mayo’s ventures included the “Vault of Gems” project, which asserted to be the first NFT initiative backed by jewelry. He garnered over $100 million for the project and then discontinued it, claiming the “marketplace failed to develop.”

“Gabriel Hay and Gavin Mayo reportedly defrauded investors in digital asset initiatives of tens of millions of dollars and intimidated an individual attempting to expose their involvement in these fraudulent activities,” stated Principal Deputy Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Fraudsters exploit emerging technologies and financial products to steal the hard-earned wealth of investors. The department is devoted to safeguarding investors and will persist in collaboration with law enforcement allies to eradicate fraud involving cryptocurrency and various digital assets, bringing wrongdoers to justice.”

“Over three years, Hay and Mayo seemingly deceived their investors to cheat them out of millions,” remarked HSI Executive Associate Director Katrina W. Berger. “Such technological fraud schemes cost investors millions annually. The absence of violence in these crimes does not equate to them being victimless. HSI is committed to investigating, disrupting, and dismantling such cryptocurrency fraud networks.”

“Whenever a new investment trend arises, scammers are sure to follow,” noted U.S. Attorney Martin Estrada for the Central District of California. “My office, along with our law enforcement colleagues, will continue our endeavors to protect consumers and penalize those involved in crypto fraud.”

Each individual faces one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking.

The Justice Department reports that if found guilty, they could each face a maximum sentence of 20 years in prison for each conspiracy and wire fraud charge, along with a maximum of five years on the stalking charge, resulting in a potential maximum of 65 years of incarceration.

This case has emerged as one of the most notable cryptocurrency and NFT fraud cases prosecuted in the United States. In the past 18 months, convicted fraudster Sam Bankman-Fried received a 25-year prison sentence and Caroline Ellison was sentenced to two years in prison for their participation in the downfall of the cryptocurrency exchange FTX, described as one of the most significant financial frauds in U.S. history.