ChainCatcher news, Maryland Heights man Richard Charles Appelbaum III has been sentenced to three years in prison for laundering millions of dollars through cryptocurrency and ordered to pay back $2.3 million.

40-year-old Appelbaum conspired with others to transfer the proceeds of business email compromise (BEC) and romance fraud schemes into cryptocurrency via Coins2trade. Under the recruitment of an alleged cryptocurrency figure known as 'E.S.', he received training on setting up fraudulent business and personal accounts, concealing the connection of these accounts to cryptocurrency. More than 36 victims were defrauded, and Appelbaum laundered $3.5 million, transferring the funds to different accounts to hide their source. The FBI led an investigation that uncovered 34 wire transfers totaling $8.3 million linked to the fraud.