CoinVoice has recently learned that, according to official documents, a federal jury in Massachusetts found 36-year-old Alan Joseph from Lancaster guilty of illegally operating a cryptocurrency exchange business on November 22.
Prosecutors accused him of making at least 4 illegal cash-to-bitcoin transactions between August 2020 and February 2021, including a suspicious transaction of $25,000. The court found that Joseph violated federal law by converting cash from suspected counterfeit luxury goods transactions into bitcoin without a registered currency transmission business.
According to the sentencing guidelines, the crime of money laundering can result in a maximum sentence of 20 years in prison, while the illegal operation of a currency transmission business can lead to a maximum of 5 years in prison. Each charge can carry a maximum fine of $250,000. The court will announce its ruling on February 24, 2025. [Original link]
