⏱ 2 min read
Timothy Wadsworth, a 35-year-old Rochester, NY, man, has pleaded guilty to conspiring to defraud victims, including taxpayers, of over $2 million through a complex scheme of wire fraud and money laundering between March 2020 and September 2021. Wadsworth, along with coconspirators, used unauthorized credit card transactions to fund their operation, purchasing Bitcoin and transferring funds to various external accounts.
The scheme involved Wadsworth obtaining credit card account numbers from coconspirators and processing unauthorized transactions, with 116 successful payments totaling $730,728.22 between March 10, 2020, and May 15, 2020. The funds were then transferred to Wadsworth’s bank accounts, Coinbase account, and eventually to his coconspirators.
Wadsworth’s guilty plea comes after a thorough investigation, which revealed the extent of the fraudulent scheme. The case highlights the growing concern of wire fraud and money laundering in the digital age, with perpetrators exploiting vulnerabilities in online payment systems.
Wadsworth faces a maximum penalty of 20 years in prison and a $250,000 fine for his role in the conspiracy. The outcome of the case serves as a warning to those who engage in similar fraudulent activities, with law enforcement agencies cracking down on such crimes.
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- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · Ohio
- Sark Wire Corporation, PPP Fraud, Albany NY, 2023 · Pennsylvania
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: New York
- Location: NY
- Source: DOJ Press Release
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