California man laundered millions in Bitcoin and cash, gets 2-year sentence, authorities say – Fox Business
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A California man who admitted to operating an unlicensed virtual currency business and laundering millions in Bitcoin and cash, has been sentenced to two years in federal prison, according to a report.
Kais Mohammad, 37, of Yorba Linda, pleaded guilty to operating an unlicensed money transmitting business, money laundering and failing to maintain an effective anti-money laundering program in September 2020, according to the U.S. Attorney’s Office, the Orange County Register reported.
Mohammad owned and operated an illegal virtual-currency money services business called Herocoin. He operated the business from December 2014 to November 2019, and offered Bitcoin-cash exchange services, according to a spokesman for the U.S. Attorney’s Office.
He charged commissions of up to 25%, well above the market rate.
Mohammed operated kiosks at various malls, gas stations and convenience stores throughout Southern California.