US Man Pleads Guilty to Money Laundering Charges Involving $13M in Bitcoin

US Man Pleads Guilty to Money Laundering Charges Involving $13M in Bitcoin

A California man has actually become part of an appeal arrangement with UNITED STATE authorities after being billed for running an unlicensed business that traded numerous bucks in bitcoin for money.

According to a press release from the UNITED STATE Department of Justice on Friday, Hugo Mejia, 49, begged guilty to a two-count fee of running an unlicensed money transferring company and also money laundering.

From May 2018 to September 2020, Mejia ran an electronic money company that traded cryptocurrency for money, taking payments for deals performed on his system.

Mejia fell short to register his company with the UNITED STATE Financial Crimes Enforcement Network– a firm within the Department of the Treasury that intends to secure versus economic criminal offense via information collection and also evaluation.

During the 28-month duration, Mejia traded around $13 million and also developed various other business such as The HODL Group LLC and also Worldwide Communications LLC to conceal truth nature of his unlawful tasks.

His company was promoted online and also using word of mouth while likewise connecting with possible customers using encrypted messaging solutions and also satisfying them inside cafe.

Mejia’s ruin stopped by method of a sting procedure in which an individual dealing with police and also impersonating a customer consulted with him in a coffee bar and also concurred to purchase 14.273 BTC for over $82,000, plus costs. Over the program of the sting procedure, Mejia had actually performed 5 bitcoin-to- money deals surpassing $250,000.

Since getting in a guilty appeal, the San Bernadino County man has actually quit all possessions originating from his unlawful task, consisting of over $230,000 in money, different cryptocurrencies and also silver coins and also bars.

Mejia is anticipated to precede a UNITED STATE area court in March and also deals with an optimum legal sentence of 25 years behind bars in government jail.

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