A father-son duo from the terra firma of Louisiana pleaded guilty to operating an illegal, unlicensed bitcoin exchange.
An statement from the U.S.A. Department of Justice revealed that Randall Lord, 58 in addition to his boy Michael Lord, 29, both from Shreveport, Louisiana, plead guilty to ane count of conspiracy to last an unlicensed money servicing business.
In add-on to the charge, Michael Lord likewise pleaded guilty to ane count of agreeing to distribute Schedule IV controlled drug in addition to anti-anxiety medication alprazolam.
The duo likewise failed to written report the receipt of over $10,000 inward U.S.A. dollars.
In a disputation via a media release, the Department of Justice stated: According to the guilty plea, from at to the lowest degree 2013 to 2015, the defendants were accepting currency, money orders in addition to money paks from exchanging those funds for bitcoin, a decentralized shape of electronic or digital currency, existing solely on the Internet in addition to non inward whatsoever physical form.
Contrary to law, the Lords were non registered alongside FinCEN or licensed to last every bit a money service trouble concern alongside the State of Louisiana.
Both defendants confront 5 years inward prison theater for the conspiracy count of running the unlicensed bitcoin commutation in addition to the younger Lord faces 5 years for the drug count. The duo likewise confront a $250,000 fine in addition to 3 years of supervised release.
The sentencing appointment is assault August 1, 2016.
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