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US Sentences Man to three Years in Jail for Working Unlicensed Bitcoin Change Enterprise – Regulation Bitcoin Information


A California man has been sentenced to a few years in federal jail “for working an unlicensed enterprise that exchanged at the least $13 million in bitcoin and money, typically for drug traffickers,” the U.S. Division of Justice stated. He agreed to forfeit numerous property, together with seized cryptocurrency.

Bitcoin Change Operator Sentenced to three Years in Jail

The U.S. Division of Justice (DOJ) introduced Thursday {that a} California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal jail for working an unlicensed enterprise that exchanged at the least $13 million in bitcoin and money, typically for drug traffickers.”

The 50-year-old San Bernardino County man pleaded responsible on July 1 to “one rely of working an unlicensed cash transmitting enterprise and one rely of cash laundering,” the DOJ detailed.

Mejia operated a cryptocurrency trade enterprise changing bitcoin to money and vice versa from Might 2018 to September 2020. He charged commissions for these transactions however by no means registered his enterprise with the Monetary Crimes Enforcement Community (FinCEN). As well as, he established corporations to masks his true exercise, together with Worldwide Safe Communications LLC, World Safe Information, and The HODL Group LLC, the Division of Justice detailed, elaborating:

Throughout the practically 2½-year interval, in keeping with the plea settlement, Mejia exchanged at the least $13 million.

The DOJ described that Mejia met with a shopper who was working with regulation enforcement a number of occasions between Might 2009 and March 2020 “to trade bitcoin for tens of 1000’s of {dollars} in money.”

Whereas conducting an trade of 14.273 bitcoins for $82,150 in money plus charges in March 2020, the shopper who labored with regulation enforcement knowledgeable Mejia that “his main buyer was a methamphetamine purchaser in Australia who bought methamphetamine each 4 to 6 weeks and bought it in Australia for 5 occasions greater than the common worth in the USA,” the DOJ defined.

The Justice Division famous, “Mejia and the shopper who was working with regulation enforcement carried out 5 bitcoin-cash transactions that cumulatively exceeded $250,000,” including:

As a part of his plea settlement with the federal government, Mejia agreed to forfeit all property derived from the unlawful conduct, together with $233,987 in money seized from residences in Santa Ana and Ontario, silver cash and bars, and roughly $95,587 in numerous cryptocurrency seized.

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