An American man operating what the prosecutors called a conversion service “without questions” in Bitcoin species were sentenced to six years behind bars and were ordered to put millions of dollars.
The judge of the Boston Federal Court, Richard Stearns, sentenced Trung Nguyen, Danvers, Massachusetts, to six years in prison followed by three years of supervised liberation, and ordered him to give up $ 1.5 million, said the Boston American prosecutor’s office on May 22.
Prosecutors said Nguyen managed a license -free money transmission company called National Fending between September 2017 and October 2020, which used various techniques he learned in an online course to escape the authorities.
As part of the course, Nguyen learned to hide his real affairs from banks, crypto exchanges and state authorities by pretending to be a company of automatic distributors who accepted cash deposits, had a list of fictitious suppliers and generally avoided using the “bitcoin” sentence as far as possible.
According to prosecutors, among Nguyen’s clientele, several victims of scams have been transformed into cash in Bitcoin (BTC) by crooks abroad, as well as a drug trafficker who sent $ 250,000 in cash in 10 transactions in 2018.
The Ministry of Justice said that Nguyen had converted more than a million dollars into Bitcoin and that “deliberately failed” to register with the Treasury Financial Convertible Network (Fincen) although it is required to do so under federal anti-flary regulations.
Nguyen “has not tabled suspicious activity reports or currency transaction reports on one of these transactions, including cash transactions of more than $ 10,000”, according to prosecutors.
Infiltrated cops sting nguyen
Nguyen often meets his customers in person to accept large sums of money, this is how he was captured, prosecutors said.
An indictment of May 2023 said that during several meetings with police officers below, he accepted money and sent Bitcoin in return, taking a little more than 5% in committee.
In relation: Use of crypto in money laundering “well below” money – American treasure
The indictment said that Nguyen used encrypted messaging applications and “technologies that have made more difficult” to trace its Bitcoin transactions and broke the cash deposits in smaller days over consecutive days and in various branches of the same bank to escape the note by the authorities.
Nguyen has been accused of exploiting a license -free money transmission company and two money laundering chiefs. He pleaded not guilty to all accusations in June 2023.
A jury found him guilty in November on the corporate accusation without license to transmit money and on one of the money laundering accusations, judging him not guilty of a accusation of separate money.
Review: The favorite feat of the Lazare revealed group – CAnalysis of Hacks Rypto
