US-Based Bitcoin trader bags 2 Years in Prison Over AML Compliance Failures

Hello, our Ninja Community in San Diego. Be careful out there when trading out there in bitcoin. Reports just reaching us is that a US citizen trading bitcoins on Localbitcoin who sold Bitcoin to more than 1,000 people in the United States of America will serve two years in federal jail. This was made known according to a Press release from the U.S. Attorney’s Office of the Southern District confirmed on April 8.

Per the released, it was reported Burrell has been in custody without bail since his arrest on August 13, 2018.  He pleaded guilty on October 29, 2018, admitting that he operated a Bitcoin exchange without registering with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, and without implementing the required anti-money laundering safeguards.

Jacob Burrell Campos, combined more than $820,000 from Bitcoin sales on the Peer to Peer platform between 2015 and 2017. He was able to within this period through a combination of cash meetups, ATM transfers, and MoneyGram. The release also specified stated that Burrell served traders on the site without performing anti-money laundering AML checks and due diligence on the source of the incoming USD funds, the prosecutors said.

The U.S. Attorney Robert Brewer said, “The federal government will continue to investigate and prosecute all white-collar criminals who refuse to comply with the anti-money laundering laws of the United States, and who assist others in avoiding scrutiny of their ill-gotten gains. I applaud the excellent work of prosecutor Robert Ciaffa and federal agents who investigated these crimes.”

David Shaw, US Special Agent in Charge for Homeland Security Investigations in San Diego also said “Today’s sentencing of Burrell is a reminder to those illegal and unlicensed money transmitters that the laws and rules apply to cryptocurrency dealings just as they do to other types of financial transactions.  “HSI Special Agents are proud to work with our law enforcement partners to ensure the integrity of the U.S. financial system, and we will continue to adapt to enforce laws across all borders, including cyberspace and the Darknet.”

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Julzin 'Sensei' - Altcoin Ninjas - See you soon Ninjas!


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