A Southern Californian Localbitcoins trader has been sentenced to prison for a year for unlicensed money transmitting and money laundering. The trader, Bitcoin Maven, reportedly exchanged between $6 and $9.5 million for customers across the country, according to the notice by the U.S. Department of Justice.
The U.S. Department of Justice (DOJ) announced on Monday that Theresa Lynn Tetley, also known as Bitcoin Maven, has been sentenced to one year in federal prison. The announcement reads:
Former stockbroker and real estate investor, the 50-year-old Southern Californian was sentenced by U.S. District Judge Manuel L. Real “for conducting an illegal business and engaging in unlawful monetary transactions involving bitcoins,” the DOJ wrote. She “pleaded guilty to one count of operating an unlicensed money transmitting business and one count of money laundering.”
The Justice Department further revealed that “Tetley was also ordered to forfeit 40 bitcoin, $292,264.00 in cash, and 25 assorted gold bars that were the proceeds of her illegal activity.”
News.Bitcoin.com first reported on this case last month when the persecutors asked the judge to sentence Tetley to 30 months in federal prison.