LA Woman to Face Sentence For Illegal BTC Trade

Prosecutors say the 50-year-old Theresa Tetley's business 'fueled a black-market financial system'
12 June 2018   430

A 50-year-old resident of Los Angeles is accused of illegal provision of financial services, since she traded cryptocurrency without the necessary license, thereby violating federal law. The prosecutor's office insists on imprisonment of Theresa Tetley for up to 30 months, NBC Los Angeles reportes.

In the period from 2014 to 2017, the cryptotrader under the nickname Bitcoin Maven was active in LocalBitcoins, earning about $ 300,000 on bitcoin annually. During this time, she carried out transactions in the amount of $ 6 million to $ 9.5 million.

According to the prosecutor's office, Tetley's business, which went beyond the regulated banking industry, fueled the black market of the central district of California.

The prosecution party also insists on confiscating 40 bitcoins, $ 292,264 and 25 gold bullion seized by law enforcement officers in March.

The verdict against Tetley, who had previously confessed her guilt, was due on Monday, but was postponed indefinitely.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   234

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.