Crypto

Bitcoin Trader in Los Angeles faces 30 Months Prison Due to Illegal Money Transfer

A bitcoin merchant in Los Angeles faces two and a half years in prison on charges of illegally transferring money.

Theresa Tetley, a 50-year-old bitcoin merchant named Bitcoin Maven, he earned up to $ 300,000 a year from transactions he made between 2014 and 2017.

Tetley has already accused him of converting 80 Btc to $ 70,000 with an unregistered money transfer. Prosecutors alleged that this transaction was part of a drug trade.

The former merchant will get a 30-month prison sentence if he decides next Monday's court decision. The lawyers are trying to shorten the time and reduce the punishment. State prosecutors also plan to receive a fine of 40 BTC ($ 260,000), $ 292,264, and 25 gold sacks for law enforcement officers in March

The indictment by the prosecution office tells Tetley that his activities are "knowing in the Central District of California

The case claims to be the first example of the line, but NBC LA claims that last year many of the bitcoin traders in the region were behind the legal system.

A Detroitian bitcoin trader Sal Mansy received 366 days in prison for similar unregistered finance charges.

In another case involving Localbitcoins.com, father Randall Lord and his son Michael used to make 106 and sentenced to 46 months in prison.