Bitcoin Dealer Goes To Prison For Five Years
A federal court sentenced a crypto dealer to five years in prison for illegal money transfers in cryptocurrency, as reported on the official website of the US Department of Justice.
According to the ministry’s press release, Jacob Burrell Campos acknowledged his guilt in "selling hundreds of thousands of US dollars in bitcoins". More than 1000 Americans were his clients between 2015 and April 2016.
Campos advertised his services via the LocalBitcoins crypto exchange, while not registering his activities with the FinCEN of the US Department of Treasury. The accused also admitted that he had not taken any measures to prevent money laundering, ignoring all the KYC requirements.
The bitcoin dealer offered to buy bitcoins through the website of the Finnish crypto company LocalBitcoins, contacting customers via e-mail or text messages. Burrell set the commission for his services in the amount of 5%.
The convicted crypto trader accepted the payment in the form of money transfers via MoneyGram, ATMs, as well as during a personal meeting with a client.
After pleading guilty, Burrell agreed to pay a fine of $823,357. The sentence will come into force on February 11, 2019.
As previously reported, the US court sentenced a crypto fraudster, who was selling drugs on the darknet, to 20 years in prison.