Australian to serve one year, one day, in federal prison for money laundering through Bi…

An Australian man has been sentenced to federal prison for money laundering through Bitcoin.

Emilio Testa, 32, a Boulder resident, was sentenced Thursday to one year and one day in prison, followed by 12 months of probation, according to a U.S. Attorney, District of Colorado, news release.

In April of 2016, Testa was in contact with undercover agents about converting U.S. dollars into Bitcoin because “he preferred not to use banks or deal with taxes,” the release said. Two times in 2016, Testa and agents conducted money exchanges.

In March, 2018, Testa “agreed to exchange Bitcoin for cash from narcotics proceeds,” federal prosecutors said, and he completed a second such transaction in May, 2018.

Testa was found guilty as part of a plea agreement in the case.

“Trying to hide criminal proceeds in Bitcoin?  We’re going to find you,” said U.S. Attorney Jason Dunn.  “Working in tandem with our federal partners, our prosecutors are leading the fight against…