New York Man Faces 25 Years in Prison for Bitcoin Money Laundering and Narcotics Scheme


MetaVentures Bangkok 2022

Bangkok, Thailand


Dubai, UAE
New York Man Faces 25 Years in Prison for Bitcoin Money Laundering and Narcotics Scheme
Source: Unsplash

A New York man is going through 25 years in jail, after being convicted by a federal jury in Brooklyn of cash laundering and working an unlicensed cash transmitting enterprise.

The unlicensed enterprise the person was accused of working was a part of a scheme to launder cash earned in bitcoin (BTC) from unlawful drug trafficking, a press launch from the U.S. (*25*)’s Office for the Eastern District of New York stated.

The convicted man was recognized as 50-year-old Mustafa Goklu, also referred to as “Mustangy.”

The verdict adopted a four-day trial in New York, and Goklu now faces a jail sentence of 25 years.

According to Breon Peace, U.S. (*25*) for the Eastern District of New York, Goklu’s enterprise supplied prospects the flexibility to launder proceeds from varied legal actions, whereas on the identical time remaining nameless and “conceal where their Bitcoin was coming from […].”

“With today’s verdict, Goklu’s illicit business of converting money from one form to another without a required license has been shut down and the defendant has been convicted for his crimes,” Peace stated. He went on to thank the U.S. Drug Enforcement Administration’s New York Division for “outstanding investigative work on the case.”

Goklu’s arrest got here after undercover legislation enforcement brokers first seen an commercial posted on the peer-to-peer bitcoin buying and selling platform the place a person named “Mustangy” supplied to buy as much as $99,999 price of BTC. The undercover brokers then proceeded to contact “Mustangy,” whose actual title was Mustafa Goklu, and later met with him in particular person to promote bitcoin for money.

Per the press launch, the undercover brokers reportedly indicated “on multiple occasions” that the supply of the bitcoin they had been promoting was drug trafficking, however Goklu nonetheless accomplished the commerce as agreed.

In complete, Goklu and the undercover brokers met on seven events over a nine-month interval, which ended with Goklu’s arrest in April 2019.

Compiled by Coinbold

Top Gainers
NamePrice24h %
Top Losers
NamePrice24h %