Bitcoin Laundring Culprit Ends Up Behind Bars For One Year In California
On Monday a local Bitcoin (BTC) trader based in Los Angeles was found guilty of illegal crypto-related transactions and was sent behind the bars for a year.
A former stock agent and a real estate investor established in California named Theresa Tetley was sent to prison for a year and a fine of $20,000 plus 40 Bitcoins (BTC) worth around $300,000 and 25 gold bars, as reported by U.S Department of Justice.
As the U.S Department of Justice reported on 9th July
“ The so-called “Bitcoin Maven,” who admitted to operating an unlicensed bitcoin-for-cash exchange business and laundering bitcoin that was represented to be proceeds of narcotics activity, was sentenced today to 12 months and one day in federal prison, three years of supervised release, and a fine of $20,000,”
The woman was working under the name “Bitcoin Maven” from 2014 to 2017 and was active as a crypto merchant on the Local Bitcoins Exchange.
According to court documents, Tetley offered bitcoin-for-cash exchange services without registering as a money services business with the Financial Crimes Enforcement Network (FinCEN), and without implementing anti-money-laundering mechanisms such as customer due diligence and reporting certain transactions required for these types of businesses.
The case involving Theresa Tetley is the first of its kind to be registered within California’s Central District, even though in the past there have been numerous reports of unlawful operations correlated with Local Bitcoins.
Brian Klein, one of the lawyers, described the sentence as a victory, reported LA Times as the judge has greatly reduced her previous 30-month jail term to one year. The sentence received by Theresa Tetley is the slightest punishment she could receive as her lawyer sought a judgment for just a year.
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