A North Carolina man has been indicted for allegedly laundering more than $380,000 in a wire fraud scheme, according to the Department of Justice. The suspect is accused of moving illicit funds through payment platforms and cryptocurrency exchanges, transferring over $240,000 to crypto addresses. The money laundering conspiracy charge could result in a 20-year prison sentence and hefty fines.
20-Year Prison Sentence Looms for Man Accused of Crypto Money Laundering Scheme
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Gastonia Man Indicted for Laundering Over $380K Through Crypto
Matias Alexander Vinces Aguayo, 24, of Gastonia, N.C., was indicted for allegedly laundering more than $380,000 in a wire fraud scheme, according to a Wednesday announcement by the U.S. Department of Justice (DOJ). The federal indictment claims Aguayo conspired with others to move the illicit funds through multiple financial channels, including payment processing services and cryptocurrency exchanges.
The indictment outlines that Aguayo operated Keys ‘N Go, a company that used payment platforms like Stripe and Square. He also allegedly owned and controlled personal and business bank accounts, including one under the name Keys ‘N Go, as well as a cryptocurrency exchange account at Binance.US. Co-conspirators are accused of opening bank accounts with stolen personal information, depositing fraudulent funds into these accounts, and sending Aguayo the account details. The DOJ detailed:
In total, Aguayo allegedly transferred at least $240,000 to cryptocurrency addresses and via wire transfers.
Aguayo is also alleged to have kept a percentage of the deposited funds as compensation for his role in the scheme, according to the indictment.
While he has not been convicted yet, the Justice Department explained:
The money laundering conspiracy charge carries a maximum sentence of 20 years in prison and a $500,000 fine or twice the value of the property involved in the transaction.
What do you think about this wire fraud and money laundering case involving cryptocurrency? Let us know in the comments section below.
