HAGATNA, GUAM – A Dededo, Guam man is headed to federal prison after admitting to running a $5.5 million Bitcoin scheme. Julien Abat Weymouth, 32, was sentenced to 30 months imprisonment by a federal judge today, after pleading guilty to Operating an Unlawful Money Transmitting Business, a violation of 18 U.S.C. § 1960. The court also tacked on three years of supervised release and a $100 special assessment fee.
Weymouth wasn’t moving legitimate investments; he was a key cog in a wider criminal enterprise. From January 2020 through April 2021, Weymouth solicited both cash and cryptocurrency from clients both on Guam and abroad, promising returns on their “investments.” But the money wasn’t going into anything legitimate. Weymouth funneled the Bitcoin to William Ichioka, who operated a fraudulent investment scheme – Ichioka Ventures – and is already facing separate prosecution in California. Weymouth pocketed the difference between the guaranteed return and whatever Ichioka actually delivered, effectively skimming profits from a scam.
The scheme wasn’t just about defrauding investors. Weymouth knowingly accepted funds from individuals involved in *other* illegal activities, turning his operation into a money laundering service. He acted as an unregistered cryptocurrency exchanger, transmitting funds for a fee without complying with federal regulations – a critical oversight that brought him down. He failed to register with FinCEN, the financial crimes enforcement network, and ignored regulations designed to prevent illicit financial activity.
The scale of the operation was significant. Weymouth moved approximately $5,517,323.48 in funds and cryptocurrency during the scheme’s run. He used the proceeds to fuel a lavish lifestyle, reinvesting in more cryptocurrency, bank accounts, and vehicles. Prosecutors didn’t let him keep the ill-gotten gains. As part of the plea agreement, Weymouth agreed to forfeit over 200 Bitcoin (currently valued at over $8 million), six vehicles, and $127,000 held in a PenFed bank account.
“Cryptocurrencies are often used to facilitate fraudulent activity,” stated United States Attorney Shawn N. Anderson. “These financial assets do not guarantee anonymity, as generally perceived by criminals. Our office will continue to target unlicensed money transmitting, money laundering, and any other unlawful transactions associated with cryptocurrency.” The Secret Service, which led the investigation, echoed that sentiment. Neal de Paz, Resident Agent in Charge of the U.S. Secret Service Guam Resident Office, emphasized the agency’s commitment to protecting citizens in Guam and the Northern Mariana Islands.
The case was investigated by the U.S. Secret Service and prosecuted by Assistant United States Attorney Benjamin K. Petersburg. The successful outcome, according to de Paz, was a result of “hard work and dedication” from federal law enforcement partners, including the Guam Police Department. The investigation highlights the increasing focus on cryptocurrency-related crimes and the willingness of federal agencies to pursue these cases, even in remote locations like Guam.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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