A Los Angeles bitcoin trader faces more than two years in jail for possessing operated what prosecutors say is an illegal money transmitting business.
Fifty-year-old Theresa Tetley, who worked beneath the name “Bitcoin Maven,” created at least $300,000 a year from trading bitcoin on Localbitcoins.com between 2014 and 2017, according to NBC Los Angeles. She also made transactions over that time worth from $six million to $9.5 million.
Tetley has already pled guilty to operating an unregistered money transmission business and exchanging about 80 BTC for $70,000 in 1 transaction that prosecutors allege involved the proceeds of drug trafficking, according to court documents.
The ex-trader now faces a 30-month federal jail sentence for the crimes, if the government gets its way in court on Monday, despite the fact that her defense team is pushing for a lesser sentence of one particular year. Federal prosecutors also hope to seize 40 BTC (at present worth $270,000), $292,264 and 25 gold bars seized by law enforcement agents in March, according to the report.
The Prosecutors Workplace said in court documents that Tetley’s activities “fueled a black-market place monetary system in the Central District of California that purposely and deliberately existed outdoors of the regulated bank market.”
While the case is thought to the 1st of its kind in Southern California, according to NBC LA, other bitcoin traders have run afoul of authorities in other parts of U.S. in the last year.
A Detroit bitcoin trader was sentenced in December 2017 to 366 days in jail for similarly operating an unlicensed cash solutions business. Sal Mansy funneled bitcoin transactions &ndash also making use of localbitcoins.com &ndash through a corporation he owned, ultimately conducting $2.four million-worth of bitcoin transactions over a two-year period.
In another case linked to Localbitcoins, father and son trading group Randall and Michael Lord have been last May handed down jail sentences of 106 months and 46 months, respectively, for running an unlawful income business. Michael Lord also pled guilty to a charge involving narcotics distribution.
Jail image via Shutterstock
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Published at Mon, 11 Jun 2018 14:45:30 +0000