According to the District Attorney's Office for the District of Guam and the Northern Mariana Islands, from January 2020 to April 2021, 32-year-old Julien Abat Weymouth provided cash and cryptocurrency transfer services for a fee. In addition, the offender encouraged people to invest in cryptocurrencies, guaranteeing them a percentage return on their investments.
He transferred the attracted bitcoins to a third party, a certain William Ichioka. Ichioka operated an investment scheme called Ichioka Ventures, for which he was subsequently prosecuted in the Northern District of California. During the implementation of this scheme, Weymouth transferred assets worth about $5.5 million. He reinvested his personal profits in various cryptocurrencies, kept the money in bank accounts, and spent part of the funds on the purchase of vehicles.
Prosecutors also claim that Weymouth failed to register with the Financial Crimes Enforcement Network (FinCEN), violating federal money transfer regulations. As part of the plea agreement, Weymouth was confiscated over 200 BTC worth $8 million, 6 cars and $127,000 in his bank account. The court sentenced the offender to 30 months in prison, followed by three years of supervised release.
Last year, American law enforcement officers arrested one of the organizers of the G|CLUBS cryptocurrency fraud scheme, which defrauded investors of about $1 billion.
Source: Bits
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