Bitcoin Trader in US Convicted for Illegal Money Transfer

Bitcoin Trader in US Convicted for Illegal Money Transfer

A Los Angeles based woman, who claimed to be the ‘Bitcoin Maven’, will be sentenced for illegal money transmission this Monday.

The 50-year-old lady Theresa Tetley who also claimed to be known as ‘Bitcoin Maven’ sold bitcoins without any formal registration with the financial authorities. She is a local bitcoin seller whose operations fueled a black-market financial system in Central California that deliberately and purposely operated outside the regulated banking industry.

As per the latest reports, the woman made around $3,00,000 USD annually by selling bitcoin on the peer-to-peer exchange.

According to the US Attorney’s Office, Theresa Tetley processed around $6 to $9.5 million USD worth of bitcoins throughout her term. Carrying her operations between 2014 to 2017, she sold bitcoins on the online trading platform.

She has pleaded guilty but the US District Judge Manuel Real has been asked by the prosecutors to sentence her to 30 months in the federal prison. Her defense is asking for prison limited to one month for all her wrong deeds.

US Law Enforcement has laid out strict rules owing to which it continues to arrest local bitcoin sellers for selling an enormous amount of virtual currencies and digital assets without prior permission for the same.

Theresa Tetley is one of the many people taken into custody by the US authorities for illegal money transmission. Many other local bitcoin traders have been arrested prior to her case.

For instance, Richard Petix, a New York-based trader, was found guilty of selling bitcoins for illegal money transmission. Jason R. Klein, a trader in Missouri, pleaded guilty for trading Bitcoin for fiat equivalent without any formal registration with the financial authorities.

Similarly, a resident of Arizona, Thomas Constanzo, was arrested for the same crime. The list is not limited to these people and includes many more people falling under similar crime list.

In the present case of the ‘Bitcoin Maven’ aka Theresa Tetley, US Attorney’s Office has asked for forfeiting 40 bitcoins and 25 gold coins which were confiscated during her arrest. The crypto related crimes have been increasing and steps should be taken to reduce such crimes in future.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.