Man gets 3-year prison sentence for Bitcoin money laundering

Fox Business Flash top headlines for November 19

Check out what’s clicking on FoxBusiness.com.

A Southern California man was sentenced to three years in federal prison for operating an unlicensed business that exchanged at least $13 million in Bitcoin and cash, the U.S. Attorney’s Office said. 

Hugo Mejia, 50, of the city of Ontario purposefully flouted money exchange regulations and structured his business to establish an anonymous conduit for money laundering of drug trafficking proceeds, federal prosecutors wrote in a sentencing memorandum. 

BITCOIN HEADED FOR ITS WORST WEEK IN SIX MONTHS 

In this photo illustration a Bitcoin is held in a man’s hands with cryptocurrency in the background. Recently, a man was sentenced to prison for Bitcoin money laundering. ( Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

U.S. District Judge Cormac J. Carney sentenced Mejia on Thursday. Mejia pleaded guilty in July to one count of operating an unlicensed money transmitting business and one count of money laundering. 

CLICK HERE TO READ MORE ON FOX BUSINESS 

Mejia exchanged Bitcoin for cash and vice versa and charged commissions for the transactions from May 2018 to September 2020, prosecutors said. 

CLICK HERE TO GET FOX BUSINESS ON THE GO  

The Bitcoin logo is displayed on the side of a Bitcoin ATM on November 10, 2021 in Los Angeles, California. Recently, a California man was sentenced to prison for Bitcoin money laundering.  (Mario Tama/Getty Images / Getty Images)

The business was never registered with the Financial Crimes Enforcement Network, a Treasury Department bureau that combats financial crimes, including money laundering. 

Source: Read Full Article