Last week, Michael Yusko, who was illegally selling bitcoins, was sentenced to one year and one day in prison by the US Department of Justice (DOJ). He was charged with “defrauding clients through an unregistered bitcoin company.”
In May 2018, the 47-year-old New Orleans resident sold bitcoin and other cryptocurrencies to consumers. According to the DOJ, “Yusko promises customers any quantity of bitcoin in return for US dollars at 5 percent over market pricing for a 5 percent charge.” After collecting money from consumers, he did not provide the agreed bitcoins.
Customers later complained about their bitcoin purchases and filed multiple complaints against him. The New Orleans resident also failed to register his corporation as a money transmitting business with the Financial Crimes Enforcement Network (FinCEN).
According to a plea agreement, the bitcoin seller pleaded guilty in this case and “agreed to be liable for $201,399.00 in losses to victims.”
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