A Detroit man has admitted to running an unlicensed money service business, using the virtual currency Bitcoin to make a profit.
Sal Mansy, 41, of Detroit, Michigan, and his company TV TOYZ, LLC, pleaded guilty in U.S. District Court to operating an unlicensed money service business.
Between August 2013 and June 2015, Mansy bought and sold approximately $2,400,000 worth of Bitcoin for profit online, funneling the proceeds through the business bank account of TV TOYZ.
A year-long investigation into Mansy’s activities culminated in June 2015 with a search of his Detroit residence and the seizure of three of his bank accounts, containing a combined total of $118,134.57.
Mansy engaged in the buying and selling of Bitcoin for profit without ever registering his money service business with federal authorities. Through this failure to register, Mansy violated Title 18, United States Code, Section 1960, which makes it a crime to transfer money for others as a business without obtaining appropriate licenses.
Mansy faces up to five years in prison and a $250,000 fine. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office.
The investigation was conducted by the Portland, Maine and Detroit, Michigan offices of the Department of Homeland Security, Homeland Security Investigations; and the Saco Police Department.
Contact: Michael J. Conley, Assistant United States Attorney, (207) 780-3257.
Related Federal Cases
- Sal Mansy, Operating Unlicensed Bitcoin Business, Michigan 2024 · Michigan
- Paul Logugune, Bank Fraud and Identity Theft, Maine 2022 · Washington
- Joseph Dobie, Aggravated Identity Theft, Maine 2024 · Colorado
- Derek Less, Copper Theft, Maine 2012 · Virginia
- Derek Hinkley, Child Exploitation, Maine 2012 · Michigan
Key Facts
- State: Maine
- Category: Cybercrime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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