TYLER, TX – A 76-year-old Virginia woman is headed to federal prison after admitting her role in a sprawling, international cryptocurrency money laundering operation. Lois Boyd, of Amelia Court House, Virginia, received a 37-month sentence from U.S. District Judge Jeremy D. Kernodle after pleading guilty last June to interstate travel in aid of racketeering enterprises.
The case, brought by U.S. Attorney Brit Featherston, reveals Boyd wasn’t some tech-savvy millennial, but a key cog in a network designed to scrub dirty money from various fraud schemes. Court documents show Boyd and her co-conspirators exchanged illicit funds for cryptocurrency, then funneled those digital assets to foreign operatives. It’s a classic case of old-school criminals adapting to the new digital frontier.
The scheme reached a critical point in August 2020 when Boyd and accomplices descended on Longview, Texas, attempting to convert a hefty $450,000 in criminal proceeds into Bitcoin. The attempt failed, but it provided federal investigators with a crucial piece of the puzzle. Boyd was indicted by a federal grand jury in June 2021, ultimately leading to her guilty plea and subsequent sentencing.
Boyd isn’t the only one facing consequences. Deependra Bhusal, 47, of Irving, Texas, Boyd’s co-conspirator, was previously sentenced to 46 months in federal prison in April 2022 for his involvement in the same conspiracy. The investigation, dubbed “Operation Crypto Runner,” highlights the increasing sophistication of criminal networks leveraging cryptocurrency to conceal ill-gotten gains.
Operation Crypto Runner is an Organized Crime Drug Enforcement Task Forces (OCDETF) operation, a multi-agency approach aimed at dismantling the most dangerous criminal organizations. The U.S. Secret Service and the U.S. Postal Inspection Service spearheaded the investigation, with support from the Department of Justice’s Fraud Section, Computer Crime and Intellectual Property Section, and Office of International Affairs.
While the focus is on the individuals brought to justice, the broader implications of this case are clear: cryptocurrency, while offering potential benefits, remains a magnet for criminal activity. Federal agencies are ramping up efforts to track and prosecute those who exploit this technology to facilitate fraud and launder money, proving that even a 76-year-old can become a key player in a modern-day criminal enterprise.
Related Federal Cases
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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