Federal prosecutors say Ryan Clark took $1.1 million from four investors for a cryptocurrency that was supposed to sit on real money, then used investor funds for other businesses and personal expenses.
Clark, who owns 428 Athletics in Richmond Heights, pleaded not guilty last week in federal court in Cleveland to securities fraud, wire fraud and engaging in monetary transactions in criminally derived property. Cleveland.com reported that the indictment was unsealed last week and that he was released on a $20,000 unsecured bond.
A Token That Could Not Cash Out
Clark operated WarpDefi. After forming Warp Vision LLC, Warp Vision Development LLC and Warp 428 LLC, he began soliciting cryptocurrency investments in 2021 and created a token called Stable USD.
Prosecutors say the token was supposed to be backed by real money, and that Clark guaranteed investors they would recover their initial investments within 30 months at interest of 15% to 18%. They also say he lied about when and how much money investors would receive, and avoided communicating with them.
According to prosecutors, Stable USD had no value outside the Warp platform. Once Clark siphoned money from an account backing the cryptocurrency, they say, the token could not be converted into real money.
Golf Clubs, Hot Tubs And Retail
The indictment, as described by Cleveland.com, says investor money went to suppliers of golf and baseball equipment, a private golf club, a company that installed and repaired swimming pools and hot tubs, and retail purchases.
Those outlays sit beside the pitch investors were given: a stable token, principal back inside 30 months, and a double-digit return. The charges remain allegations. Clark has pleaded not guilty.
Who Put The Money In
Cleveland.com identified four investors and the amounts prosecutors tie to the case. Pestare LLC, which court and public records link to attorney Angelo Russo, lost a $750,000 investment. Oscar Hackett, a cannabis entrepreneur, lost $250,000. Fabio Salerno, who owns the Cleveland restaurant Lago, lost $125,000. Civil rights attorney Nicholas DiCello lost about $60,000.
DiCello declined to comment. The other investors did not return messages. Cleveland.com and The Plain Dealer sought comment from Clark's attorney, Justin Roberts.
The Richmond Heights Facility
Clark opened 428 Athletics in Highland Heights in 2019, on Alpha Drive. In May 2022 the business opened a much larger indoor space at 26361 Curtiss Wright Parkway in Richmond Heights, about four times the facility it had just left, Cleveland.com reported at the time.
The Richmond Heights complex offered TrackMan simulated golf, including virtual access to famous courses such as St. Andrews, plus batting cages and pitching areas with performance-tracking technology. The training business and the crypto venture share an owner; the indictment treats equipment suppliers and a private golf club as places investor money went.
Bankruptcy, A House Sale And A Civil Judgment
The investors sued Clark in 2024. He filed for bankruptcy in 2025, when he owed creditors about $2.1 million, and that filing put the civil cases on hold.
In 2025 he listed a Highland Heights home valued at $1 million and two other Highland Heights land plots worth a combined $1 million. He sold the home for $838,000 in September 2025. Last month a judge entered a default judgment against him for the amounts owed to the four investors, plus interest.
That civil judgment is separate from the criminal case now pending in Cleveland federal court. Clark remains out on the unsecured bond while the fraud counts proceed.
