According to the US Department of Justice Attorney’s Office in the Western District of Louisiana. A Louisiana man and his son plead guilty to running an unlicensed bitcoin exchange.
Randall Bryan Lord, 58, and his son, Michael Aaron Lord, 29, both of Shreveport, plead guilty before U.S. District Judge S. Maurice Hicks Jr. to one count of conspiracy to operate an unlicensed money servicing business.
According to the plea, between 2013 to 2015, the defendants were accepting currency, money orders and MoneyPaks (GreenDot Corporation) in exchange for the virtual currency bitcoin. The dynamic father/son team were not registered as an MSB with FinCEN or licensed to operate as a money service business with the State of Louisiana.
It was the usual failure to file currency transaction reports and not being registered (which can carry a fine of up to $5,000 per day of operation as an unlicensed or unregistered entity).
Michael Lord was also plead guilty to a drug charge involving alprazolam (Xanax/Zanax), something he may have not needed at the time, but most certainly is going to need now since they both face five years in prison and three years of supervised release on top of a $250,000 fine.
The sentencing date was set for August 1, 2016.
Notably the IRS, FBI, U.S. Department of Homeland Security-Homeland Security Investigations and U.S. Postal Inspection Service were all in on the investigation.
Article by Dale Henry
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What was their LocalBitcoin name?
ReplyDeleteSteven Steiner, Why do you ask?
ReplyDeleteI have been saying they are going to start cracking down and busting one market at a time for people that aren't licenses and also involve in other shady dealings but everyone needs to get the license process started in their state ASAP, already have it or get the hell out because it's coming to your state next, make my words.
ReplyDelete