LA Woman Called the 'Bitcoin Maven' Convicted for Selling Bitcoins Without a License This week in Southern California a Los Angeles woman who called herself the 'Bitcoin Maven' will be sentenced this Monday after pleading guilty for illegal money transmission. According to law enforcement, the woman made close to $300,000 USD annually by selling BTC on the peer-to-peer exchange Localbitcoins.
U.S. law enforcement has arrested and convicted another Localbitcoins seller who reportedly made $300K per year selling digital assets. The 50-year-old Theresa Tetley used the alias 'Bitcoin Maven' and sold bitcoins without registering with the financial authorities. Prosecutors say Tetley's operations "fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry."
The U.S. Attorney's Office claims that Tetley processed around $6-9.5 million USD worth of bitcoins throughout her tenure. Operating as the 'Bitcoin Maven' Tetley sold BTC between 2014 and 2017 using the online trading platform. Tetley has pleaded guilty and her defense is asking for 1 year in prison for her wrong doings but prosecutors have asked the U.S. District Judge Manuel Real to sentence Tetley to 30 months in federal prison.
Last year US law enforcement officials began arresting Localbitcoins traders who dealt with large amounts of BTC.....
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Poster Comment:
I've wondered if something like this was ever going to happen. The IRS has decreed that all BC profits are taxable, which would seem a good laff if BC were more private.
What's this about a "license" and "registering with the financial authorities"? Are they making up BS as they go along, or are govt killjoys licensing BC dealers now?
Hate this news. Really, really hate it.