RATE Group | LA Bitcoin Trader Faces 30 Months in Jail for Illegal Money Business
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LA Bitcoin Trader Faces 30 Months in Jail for Illegal Money Business

12 Jun LA Bitcoin Trader Faces 30 Months in Jail for Illegal Money Business

Posted at 02:59h in Bitcoin News by

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A Los Angeles bitcoin trader faces more than two years in jail for having operated what prosecutors say is an illegal money transmitting business.

Fifty-year-old Theresa Tetley, who worked under the name “Bitcoin Maven,” made at least $300,000 a year from trading bitcoin on Localbitcoins.com between 2014 and 2017, according to NBC Los Angeles. She also made transactions over that time worth from $6 million to $9.5 million.

Tetley has already pled guilty to operating an unregistered money transmission business and exchanging around 80 BTC for $70,000 in one transaction that prosecutors allege involved the proceeds of drug trafficking, according to court documents.

The ex-trader now faces a 30-month federal jail sentence for the crimes, if the government gets its way in court on Monday, although her defense team is pushing for a lesser sentence of one year. Federal prosecutors also hope to seize 40 BTC (currently worth $270,000), $292,264 and 25 gold bars seized by law enforcement…

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