Hagatña, Guam – A cryptocurrency broker was sentenced to 30 months in federal prison for operating an unlawful money transmitting business involving the exchange and transfer of cryptocurrency, primarily Bitcoin, worth approximately $5,517,323.48.
Julien Abat Weymouth, age 32, from Dededo, Guam, was charged with Operating an Unlawful Money Transmitting Business, in violation of 18 U.S.C. § 1960. The Court also ordered 3 years of supervised release following imprisonment and a mandatory $100 special assessment fee.
From January 2020 to April 2021, Weymouth solicited cash and cryptocurrency from ‘clients’ or ‘investors’ within and outside the District of Guam, and transmitted the bitcoin to a third-party, William Ichioka, located outside of Guam for purported investment purposes. Ichioka operated a fraudulent investment scheme known as Ichioka Ventures.
The scheme involved Weymouth guaranteeing a percentage return on investment and keeping any excess return over and above the guaranteed rate as his fee. He solicited and accepted funds and cryptocurrency from individuals involved in illegal activity, failed to register with FinCEN, and failed to comply with federal regulations governing money transmitters.
As part of his plea agreement, Weymouth stipulated to the forfeiture of over 200 Bitcoin with a present value of over $8 million, 6 vehicles, and $127,000 in a PenFed bank account. United States Attorney Shawn N. Anderson stated that cryptocurrencies are often used to facilitate fraudulent activity and that his office will continue to target unlicensed money transmitting, money laundering, and any other unlawful transactions associated with cryptocurrency.
The investigation was conducted by the U.S. Secret Service, and the case was prosecuted by Assistant United States Attorney Benjamin K. Petersburg. U.S. Secret Service Resident Agent in Charge Neal de Paz praised the collaboration between federal law enforcement partners, the United States Attorney’s Office, and the Guam Police Department.
Defendant/Respondent: Julien Abat Weymouth
Criminal Charges: Operating an Unlawful Money Transmitting Business, in violation of 18 U.S.C. § 1960
City, State: Hagatña, Guam
Exact Date: Not specified, but the scheme occurred from January 2020 to April 2021
Sentence: 30 months imprisonment, 3 years of supervised release, and a mandatory $100 special assessment fee
Amount: $5,517,323.48
Related Federal Cases
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Key Facts
- State: Guam
- Category: Cybercrime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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