Man Dies by Suicide After Being Convicted of ‘Rug Pull,’ Family Says

Berman Jerry Nowlin died of an apparent suicide while awaiting sentencing for his part in an NFT “back pull” involving wire fraud and money laundering, his family told the newspaper. Tampa Bay Times.

In November 2024, a US court found the 21-year-old guilty of helping orchestrate the sale of an NFT “rug pull” worth $400,000. Nowlin, along with 25-year-old Devin Alan Rhoden, conducted the sale of two Solana NFT collections before canceling a third collection.

The Report from the Ministry of Justice explained that these projects were successful because of “outright false statements,” including partners with “prominent companies” and utilities that would be granted to the holders. Not only that, but the canceled third collection was defined by the department as a carpet pulling because the team deleted Discord and Twitter accounts after receiving payment.

The NFT collections were sold in 2022, starting with “Undead Apes” and then “Undead Lady Apes” before the sale of “Undead Tombstone” was canceled. The total amount the duo raised was almost $400,000, as hundreds of victims invested in the projects.

Rhoden pleaded guilty in May 2024 to conspiracy to commit bank fraud and money laundering, while Nowlin took it to trial, but found guilty in November.

In a heartfelt interview with the Tampa Bay TimesNowlin’s mother says Nowlin became deeply depressed and withdrew after the guilty plea. His family claims he was an unwitting accomplice in the scheme, pointing to Rhoden as the culprit.

“In his eyes, I don’t think he thought he had done anything wrong,” said Nowlin’s brother, Daniel Barker. “My brother was just a young, naive child who was taken advantage of.”

The argument here is that Nowlin was the developer of the projects – responsible for creating the tokens behind the scenes – while Rhoden led the marketing side of the project. Nowlin’s attorney, J. Jervis Wise, argued that the 21-year-old had no knowledge of the carpet-pulling plans.

“Nowlin didn’t know what Rhoden was doing,” Wise told the newspaper Tampa Bay Times. “Nowlin did not participate in any scheme with Rhoden to defraud anyone.”

Ultimately, however, the Justice Department found evidence that Nowlin had played a direct role in the scheme. The report showed that he carried out money laundering through “chain-hopping” and the use of illegal substances crypto mixers which obscure the sender and recipient of tokens. The money was traced directly back to his bank account.

His conviction in January would have given him a prison sentence of up to five years. But on December 21, Nowlin died at his home in Alabama. His cause of death is currently unclear, but his family has been told Tampa Bay Times that he committed suicide.