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A resident of the American city of Danvers, Massachusetts, is accused of money laundering through cryptocurrencies and running an unlicensed business for the exchange of bitcoins obtained by criminal means.
According to the U.S. Department of Justice, between September 2017 and October 2020, 48-year-old Trung Nguyen ran a company called National Vending, LLC. The Department of Justice claims that the service violated anti-money laundering (AML) rules because it was not registered with the Financial Crimes Enforcement Network (FinCEN), and Nguyen did not report suspicious transactions to the agency.
Law enforcement officers found that in 2018, Nguyen accepted $250,000 in cash from a methamphetamine dealer in 10 transactions. In 2019 and 2020, the service received sums from victims of romance scams from different states: $325,000, as well as $60,000 each from two other victims. Each of the victims was tricked into converting cash into bitcoins and sending it to scammers abroad.
The Ministry of Justice noted that Nguyen hid his activities from banks and government agencies. He used encrypted messaging apps to communicate with customers, and also "split" cash deposits in excess of $10,000 into smaller amounts at different branches of the same bank. In total, Nguyen exchanged more than $1 million for bitcoins through his service.
District Judge Richard Stearns is due to announce the verdict for Nguyen on February 12, 2025. Money laundering in the United States is punishable by up to 20 years in prison, three years of conditional release and a fine of $500,000. For running a money transfer business without a license, the violator faces a prison term of up to five years, three years of conditional release and a fine of $250,000.
According to the U.S. Department of Justice, between September 2017 and October 2020, 48-year-old Trung Nguyen ran a company called National Vending, LLC. The Department of Justice claims that the service violated anti-money laundering (AML) rules because it was not registered with the Financial Crimes Enforcement Network (FinCEN), and Nguyen did not report suspicious transactions to the agency.
Law enforcement officers found that in 2018, Nguyen accepted $250,000 in cash from a methamphetamine dealer in 10 transactions. In 2019 and 2020, the service received sums from victims of romance scams from different states: $325,000, as well as $60,000 each from two other victims. Each of the victims was tricked into converting cash into bitcoins and sending it to scammers abroad.
The Ministry of Justice noted that Nguyen hid his activities from banks and government agencies. He used encrypted messaging apps to communicate with customers, and also "split" cash deposits in excess of $10,000 into smaller amounts at different branches of the same bank. In total, Nguyen exchanged more than $1 million for bitcoins through his service.
District Judge Richard Stearns is due to announce the verdict for Nguyen on February 12, 2025. Money laundering in the United States is punishable by up to 20 years in prison, three years of conditional release and a fine of $500,000. For running a money transfer business without a license, the violator faces a prison term of up to five years, three years of conditional release and a fine of $250,000.
