‘Bitcoin Maven’ Sentenced to Prison for Money Laundering

‘Bitcoin Maven’ Sentenced to Prison for Money Laundering

LocalBitcoins trader Theresa Lynn Tetley, known as the “Bitcoin Maven,” has been sentenced to 12 months and a day in prison, a $20,000 fine, and three years supervision after release for laundering bitcoin as proceeds of narcotics sales and for her role in running an illegal bitcoin-for-cash exchange, according to the U.S. Attorney’s Office for the Central District of California.

Theresa was also ordered to give up the proceeds of her illegal activity, including $292,264 in cash, 25 gold bars, and 40 bitcoins.

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Judge Manuel Real sentenced the 50-year-old Tetley, a one-time real estate investor and stockbroker, for engaging in illegal bitcoin transactions. Tetley pleaded guilty to one count of money laundering and one count of operating a money transmitting business that was unlicensed. It was the first time for such case.

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