An American man who described the corporate, which referred to prosecutors as “no questions” as a cash-to-bitcoin renovation service, was sentenced to 6 years behind bars and was instructed handy over thousands and thousands of dollars.
Richard Stearns of the Federal Court in Boston condemned Nguyen's Trung by Danvers, Massachusetts, six years in prison, followed by three years of leading release, and ordered him to fall for $ 1.5 million, the US public prosecutor said on May 22.
The prosecutors said that Nguyen had transferred a non-licensed money between September 2017 and October 2020, by which he was shown in a web based course for the authorities.
As a part of the course, Nguyen was taught how he can hide his actual business in front of banks, crypto exchanges and state authorities by camonizing himself as a vending machine company, accepting money, had a listing of fictional suppliers and customarily avoided the phrase “Bitcoin”.
According to the prosecutors, Trung Nguyen has a fake vending machine store to cover up the cash deposits he received. Source: pacer
According to the general public prosecutor's office, there have been several fraud victims under Nguyen's customer base, which were converted by fraudsters in overseas into Bitcoin (BTC), in addition to a drug dealer who sent in money at 10 transactions of $ 250,000 in money in 2018.
The Ministry of Justice said that Nguyen had converted greater than $ 1 million into Bitcoin and “deliberately failed” to register with the FinCen network for financial crime (fincen), although this was vital in accordance with the regulations against money laundering from federal reports.
According to the prosecutors, Nguyen has not submitted any suspicious activity reports or currency transactions on these transactions, including money transactions of greater than 10,000 US dollars.
Undercover Cops Sting Nguyen
Nguyen often met his customers personally to simply accept large sums of cash, he was caught, the prosecutors said.
In an indictment in May 2023, it stated that in several sessions he accepted money with hidden law enforcement officers and in return sent Bitcoin, which took somewhat greater than 5% in commission.
The indictment said that Nguyen had encrypted messaging apps and “Technologies that made it tougher” to trace its Bitcoin transactions, and to suspend the cash deposits for consecutive days and in various branches of the identical bank in smaller amounts and in various branches of the identical bank so as to deprive the announcement by authorities.
Nguyen was accused of operating a not licensed money about broadcast business and two money laundering. He was not guilty in June 2023.
A jury condemned him in November for the inconvenient money debt and only one among the cash laundering fees, whereby he was not guilty of a separate money laundering.
