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A 22-year-old American Bitcoin seller has been ordered to hand over $ 823,357 illegally obtained through a licensed money transfer business.
California's Southern District Attorney's Office announced the news on Monday, saying the seller, Jacob Burrell Campos, had also been sentenced to two years in prison. Burrell was arrested without bail last August and later in October, pleading guilty to using a bitcoin exchange without registering with the Financial Crimes Enforcement Network (FinCEN).
The dealership was also asked to pay a maximum fine of $ 250,000, according to Monday's announcement.
Burrell has sold hundreds of thousands of dollars in bitcoins to more than 1,000 customers, said the prosecutor's office, adding that he had announced his business on LocalBitcoins.com, negotiated a 5% commission higher than the rate of changes in effect and accepted in-person transactions via ATMs and MoneyGram. .
Burrell has now admitted that he does not have a Client Awareness (KYC) or Anti Money Laundering (AML) procedure to pre-screen the origin of his clients' money.
He also admitted to having originally purchased bitcoin through a regulated encrypted exchange in the United States and then switched to a Hong Kong-based exchange after his US account closed for suspicious transactions. He bought bitcoins worth $ 3.29 million via the Hong Kong Stock Exchange from March 2015 to April 2017.
Finally, Burrell admitted to having traded his US dollars with Joseph Castillo, a San Diego-based precious metals merchant, and that between late 2016 and early 2018 he had, with others, imported almost daily more from one million US dollars. .
David Shaw, special agent for Homeland Security Investigations, said:
"[The] the conviction of Burrell to remind issuers of illegal and unlicensed funds that laws and rules apply to cryptocurrency and other types of financial transactions. "
US Attorney Robert Brewer said, "The federal government will continue to investigate and prosecute all white-collar criminals who refuse to comply with US money-laundering laws and who help others to avoid scrutiny of their ill-gotten gains. "
Bitcoin, hammer and image of handcuffs via Shutterstock
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