Site icon Coinvasity

Man pleads guilty to running unlicensed cryptocurrency business in Houston area, collected more than $500K in Bitcoin within 3 months – KPRC Click2Houston

KPRC 2+ brings you news, weather, and traffic along with the biggest topics impacting our community every day.
See the complete list
LIVE
Published: 
Updated: 
HOUSTON – A 49-year-old out-of-state man has pleaded guilty to running an unlicensed money transmitting business in the Houston area, the U.S. Attorney’s Office announced.
Hien Ngoc Vo, of Seattle, Washington, admitted that between March 16, 2016, and June 8, 2016, he operated a prohibited cryptocurrency business.
Vo used Paxful and LocalBitcoins to buy and sell Bitcoin – websites where people can buy and sell cryptocurrencies. He profited from sales by collecting a percentage of the transactions which ranged from 5-30%. During the transactions, Vo did not ask clients for any form of identification nor the purpose for which they were purchasing the cryptocurrency, prosecutors said.
Vo received funds in the form of cash, direct bank deposits, American Express credit cards as well as Amazon and generic gift cards. He used several bank accounts to conduct his business, but the banks shut down the accounts after inquiring about the origination of the funds.
During the course of three months, the unlicensed money transmitting business received and transmitted approximately $515,147.19 in Bitcoin.
Vo faces up to five years in federal prison and a possible $250,000 maximum fine. Sentencing will be imposed on Sept. 5.
He was permitted to remain on bond pending sentencing.
The FBI conducted the investigation.
Copyright 2022 by KPRC Click2Houston – All rights reserved.
If you need help with the Public File, call (713) 778-4745.
Copyright © 2022 Click2Houston.com is managed by Graham Digital and pubished by Graham Media Group, a division of Graham Holdings.

source

Exit mobile version