HOUSTON – A 49-year-old out-of-state man has pleaded responsible to operating an unlicensed cash transmitting enterprise, introduced U.S. Lawyer Jennifer B. Lowery.
Hien Ngoc Vo, Seattle, Washington, admitted that between March 16, 2016, and June 8, 2016, he operated a prohibited cryptocurrency enterprise within the Houston space.
Vo used Paxful and LocalBitcoins to purchase and promote Bitcoin – web sites the place folks should buy and promote cryptocurrencies. He profited from gross sales by accumulating a share of the transactions which ranged from 5-30%. In the course of the transactions, Vo didn’t ask purchasers for any type of identification nor the aim for which they have been buying the cryptocurrency.
Vo obtained funds within the type of money, direct financial institution deposits, American Specific bank cards in addition to Amazon and generic reward playing cards. He used a number of financial institution accounts to conduct his enterprise, however the banks shut down the accounts after inquiring in regards to the origination of the funds.
In the course of the course of three months, the unlicensed cash transmitting enterprise obtained and transmitted roughly $515,147.19 in Bitcoin.
Chief U.S. District Choose Lee H. Rosenthal will impose sentencing Sept. 5. At the moment, Vo faces as much as 5 years in federal jail and a doable $250,000 most tremendous.
He was permitted to stay on bond pending sentencing.
The FBI carried out the investigation. Assistant U.S. Lawyer Rodolfo Ramirez is prosecuting the case.
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