A Shreveport chiropractor and his son have been brought to justice for their involvement in an unlawful bitcoin financial scheme.
Randall Bryan Lord, 59, and his son Michael Aaron Lord, 30, both of Shreveport, were sentenced to 46 months and 106 months in prison respectively by U.S. District Judge S. Maurice Hicks Jr.
The defendants pleaded guilty on April 13, 2016 to one count of conspiracy to operate an unlicensed money servicing business. In addition, Michael Lord pleaded guilty to one count of drug conspiracy for agreeing to distribute controlled dangerous substances, including alprazolam, a Schedule IV controlled substance.
According to the guilty pleas, from at least 2013 to 2015, the defendants were accepting currency, money orders and money paks and exchanging those funds for bitcoin, a decentralized form of electronic or digital currency.
The Lords were not registered with FinCEN, and they failed to report the receipt of more than $31,000 in U.S. currency. Michael Lord was also involved in a drug conspiracy to distribute alprazolam, 5F-AB-Pinaca (a synthetic cannabinoid) and other controlled substances, beginning in March 2015.
Acting U.S. Attorney Alexander C. Van Hook announced the sentencing, which marks a significant victory in the fight against cybercrime.
The investigation was conducted by the IRS-Criminal Investigation, U.S. Immigrations and Customs Enforcement-Homeland Security Investigations, FBI, U.S. Postal Inspection Service, and Springhill Police Department, with Assistant U.S. Attorney Cytheria D. Jernigan prosecuting the case.
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Key Facts
- State: Louisiana
- Category: Cybercrime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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