LA Area Woman Gets Tagged With Operating an Illegal Monetary Exchange
LA Area Woman Gets Tagged With Operating an Illegal Monetary Exchange: In what’s being branded as an unprecedented case, a Los Angeles resident is facing federal prosecution for running an illegal Bitcoin trading operation. Going by the pen name Black Maven, Theresa Tetley grossed some $300,000 annually from 2014-2017 by operating a Bitcoin and cash transmission service via a listing on localbitcoin.com. The court prosecutor holds that Tetley “fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry.” She’s facing the threat of 30 months in federal prison for her alleged crimes, as well as asset seizures for 40 Bitcoins, nearly $300,000 in cash, and 25 gold bars.
According to the prosecutor’s court papers, Tetley’s business ‘fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry.’
In terms of punishment for her crimes, the federal prosecutors are calling on U.S. District Judge Manuel Real to sentence Tetley to a 30-month prison sentence. Meanwhile, the defence lawyer is hoping to get this reduced to just 12 months.
In addition to the jail time, the government is requesting that 40 Bitcoin (worth $271,560 at the time of writing), $292,264 in cash, and 25 gold bars that were confiscated by the authorities at the end of March be forfeited.
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