Related Federal Cases
- PDD Holdings Inc, Unlawful Deception and Data Harvesting, Texas, 2023 · Alabama
- TP-Link Systems Inc, Deceptive Marketing and Data Breach, Texas, 2023 · Alabama
- Anthony Clark, Wire Fraud Conspiracy, Texas 2024 · Washington
- Nicholas Kyle Martino, Hoax Bomb Threats, Texas 2023 · Washington
- Texas Man Sentenced to 13 Years for $700M Ransomware Scheme · Texas
Houston Man Convicted of Operating Unlicensed Crypto Business
A 49-year-old man from Seattle has been convicted of operating an unlicensed money transmitting business in the Houston area, announced U.S. Attorney Jennifer B. Lowery.
Hien Ngoc Vo, who used websites like Paxful and LocalBitcoins to buy and sell Bitcoin, admitted to running the prohibited cryptocurrency business between March 16, 2016, and June 8, 2016.
During this time, Vo collected a percentage of the transactions, ranging from 5-30%, and received funds in the form of cash, direct bank deposits, American Express credit cards, and gift cards. However, he did not ask clients for any form of identification or the purpose for which they were purchasing the cryptocurrency.
Vo used several bank accounts to conduct his business but was forced to shut them down after the banks inquired about the origination of the funds.
According to the investigation, the unlicensed money transmitting business received and transmitted approximately $515,147.19 in Bitcoin over the course of three months.
Chief U.S. District Judge Lee H. Rosenthal will impose sentencing on September 5, at which time Vo faces up to five years in federal prison and a possible $250,000 maximum fine. He was permitted to remain on bond pending sentencing.
The FBI conducted the investigation, and Assistant U.S. Attorney Rodolfo Ramirez is prosecuting the case.
Key Facts
- State: Texas
- Category: Cybercrime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
