Local Bitcoin trader ‘Bitcoin Maven’ sentenced for money laundering

Local Bitcoin trader ‘Bitcoin Maven’ sentenced for money laundering

Local bitcoin dealer Theresa Lynn Tetley, known as “Bitcoin Maven,” was sentenced to 12 months and one day in prison, fined 20,000 dollars and three after the release of laundering bitcoin in the form of drug sale proceeds. The surveillance has been sentenced and according to the American attorney’s office in the central district of California, an illegal bitcoin-cash exchange is running. she was also ordered to leave the income of his illegal activity, which included $292,264 cash, 40 bitcoins and 25 gold bars.

For engaging in illegal bitcoin transactions American district judge Manuel real, 50-year-old Tetley, once sentenced to a real estate investor and stock broker. Tetley blamed for a count of money laundering and counted of operating a money circulate business without any license. The case was the central district of the first case of California.

Flagrant Abuses

Prior to offering the bitcoin for cash exchange service, Tetley had failed to register as a money service business with the financial crime enforcement network (FinCEN), nor did he follow anti-money-laundering practices, according to the court documents.

She exchange $6 million to $9.5 million for nationwide customers, and charged the rates on FinCEN registered institutions. She advertised the exchange service on peer-to-peer LocalBitcoins trading platform.

During the operation of an unregistered company, according to the court documents, she helped a police obtaining bitcoin through illegal activities and selling drugs on the dark web.

She exchanged BTC for cash with an underworld agent, who told him that money was smuggled by narcotics. She also exchanged BTC for cash with an undercover agent who told her the funds came from trading narcotics.

The Drug Enforcement Administration of the IRS Criminal Investigation conducted the investigation. Assistant to the Organized Crime Drug Enforcement Task Force section, American prosecutor Puneet Kakkar sued the case.

 

 

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