Millions Laundered Through Crypto Money Services Operation Triggers Prison Sentence

Millions Laundered Through Crypto Money Services Operation Triggers Prison Sentence


A California man will spend time behind bars for a Bitcoin money-laundering operation, after being nabbed by undercover agents.

Kais Mohammad, 37 years old, used the handle “Superman29″ to advertise a Bitcoin-cash exchange service dubbed Herocoin, charging commissions of up to 25%.

 

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Mohammad’s illegal business exchanged up to $25 million through in-person transactions and ATM-type kiosks for Bitcoin. Undercover officials eventually incriminated Mohammad by posing as karaoke bar workers asking for his services for a prostitution ring.

A police sting helped close the case when Mohammad met with an undercover law enforcement agent and exchanged $16,000 in cash for 1.58592 Bitcoin. He reportedly did not file a currency transaction report or suspicious activity report for these transactions, despite the agent disclosing that the cash was garnered from illegal activity.

The U.S. Attorney’s Office for the Central District of California states that Mohammad is a former bank employee who trained others

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