Man Convicted of Money Laundering and Operating Unlicensed Money Transmitting Business
BOSTON, MA — Trung Nguyen, 48, of Danvers, has been convicted of money laundering and operating an unlicensed, ‘no questions asked’ money transmitting business that converted more than $1 million in cash to the digital currency Bitcoin, including on behalf of scammers and a drug dealer.
Nguyen, also known as ‘DCS420’, was convicted of one count of conducting an unlicensed money transmitting business and one count of concealment money laundering. The jury also found Nguyen not guilty of a separate count of money laundering.
Acting U.S. Attorney Joshua S. Levy stated, ‘Money laundering is the lifeblood of a wide swath of criminal conduct. This defendant’s ‘no questions asked’ money laundering operation allowed a known drug dealer to turn their dirty cash into more deadly meth to pump onto our streets and it allowed scammers to swindle vulnerable victims out of their hard-earned savings.
Between September 2017 and October 2020, Nguyen owned and operated National Vending, LLC. Through National Vending, Nguyen accepted cash from customers and, in exchange for a fee, sent them Bitcoin in return. Exchangers of virtual currency, including Bitcoin exchangers, are money transmitters under federal law and are subject to federal anti-money laundering (AML) regulations.
Nobody knows more about money laundering and its effects on the public than law enforcement. HSI New England Special Agent in Charge Michael J. Krol stated, ‘Nguyen deliberately set up his money service business to evade banking regulations and to circumvent financial safeguards that prevent illicit proceeds from entering legitimate commerce.
Nguyen was indicted by a federal grand jury on May 30, 2023, and United States District Judge Richard G. Stearns scheduled sentencing for Feb. 12, 2025. Nguyen purposely failed to register National Vending with FinCEN, despite being required to do so.
In 10 transactions in 2018, Nguyen accepted a total of $250,000 in cash from an individual who identified himself to Nguyen as a methamphetamine dealer. Nguyen failed to file Suspicious Activity Reports (SARs) with FinCEN, as required by law.
Nguyen accepted approximately $325,000 from a romance scam victim from Kansas City, Mo.; $60,000 from a romance scam victim from Glastonbury, Ct., and $60,000 from a romance scam victim from central Massachusetts—each of whom had been tricked into converting cash into Bitcoin and sending it to con artists overseas.
The guilty verdict of Trung Nguyen demonstrates IRS Criminal Investigation’s commitment to the prosecution of all who choose to not only break the law themselves but also those who assist criminals in facilitating their criminal activities.
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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