Localbitcoins Trader Sentenced to One Year in Prison

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.

One Year in Prison for Localbitcoins Trader

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:

‘Bitcoin Maven,’ who admitted to operating an unlicensed bitcoin-for-cash exchange business and laundering bitcoin that was represented to be proceeds of narcotics activity, was sentenced today to 12 months and one day in federal prison, three years of supervised release, and a fine of $20,000.

Source--www.news.bitcoin.com