{"id":2056917,"date":"2023-10-05T17:16:02","date_gmt":"2023-10-05T21:16:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/santa-monica-man-pleads-guilty-in-cryptocurrency-case\/"},"modified":"2023-10-05T17:20:30","modified_gmt":"2023-10-05T21:20:30","slug":"santa-monica-man-pleads-guilty-in-cryptocurrency-case","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/santa-monica-man-pleads-guilty-in-cryptocurrency-case\/","title":{"rendered":"Santa Monica man admits guilt in cryptocurrency case."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsanta-monica-man-pleads-guilty-in-cryptocurrency-case%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2056917&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Man Pleads\u2063 Guilty \u200bto Laundering Millions Through Cryptocurrency Business<\/h2>\n<p>A Santa Monica man has pleaded guilty to using his cryptocurrency\u200b cash exchange business to launder millions of dollars in criminal proceeds. Charles Randol,\u200c 33, entered his plea to failing to maintain an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-exchange-bittrex-fined-53-million-by-u-s-treasury-dept\/\" title=\"Crypto exchange Bittrex fined  million by U.S. Treasury Dept\">effective anti-money laundering program<\/a>, a crime that carries a prison sentence of up to five years.<\/p>\n<p>Sentencing\u2062 for Randol is scheduled for January 17.<\/p>\n<blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/manhattan-beach-motorcycle-officer-killed-in-405-freeway-crash-5503957?ea_src=author_manual&#038;ea_med=related_stories\">Manhattan Beach Motorcycle Officer Killed in 405 Freeway Crash<\/a><\/h3>\n<p class=\"text-comp-caption\">10\/4\/2023<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/12-cities-sue-los-angeles-court-system-to-stop-zero-bail-policy-5503509?ea_src=author_manual&#038;ea_med=related_stories\">12 Cities\u2062 Sue Los Angeles Court System to Stop Zero Bail \u2063Policy<\/a><\/h3>\n<p class=\"text-comp-caption\">10\/3\/2023<\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>From October 2017 to July 2021, Randol operated a\u2062 virtual \u200bcurrency money\u2063 services\u200c business\u200d called Digital Coin Strategies\u2063 LLC. The company provided cryptocurrency cash exchange services for a commission.<\/p>\n<p>Randol conducted\u2062 transactions with anonymous \u200dcustomers in person, utilizing a network of automated \u200ckiosks in Los Angeles, Orange, and Riverside counties to convert cash \u200dto Bitcoin\u2062 and vice versa. He also facilitated\u2062 Bitcoin-for-cash transactions \u2062for unknown individuals who sent large amounts of U.S. currency to him, including to post office boxes under his control.<\/p>\n<p>In \u200chis plea\u200d agreement, Randol\u200c admitted to repeatedly violating federal\u200d law \u200band his \u2062company&#8217;s policies by facilitating\u2062 suspicious currency exchange transactions and attempting to conceal them from law enforcement.<\/p>\n<p>For instance, Randol frequently \u2063engaged in cash\u200c transactions exceeding \u200d$10,000 with anonymous\u2064 individuals, using\u200b monikers like Puppet Shariff, White Jetta, Yogurt\u200c Monster, and Hood.<\/p>\n<p>Specifically, Randol confessed to participating in transactions from October\u2064 2020 to January 2021,\u2064 exchanging a total of $273,940 in cash for \u200bBitcoin\u2063 without obtaining any identifying information from the\u200c buyers or\u2063 the source of \u2062the\u200b funds\u2014a clear violation of\u2063 the Bank Secrecy\u200c Act.<\/p>\n<p>Prosecutors also\u200d revealed \u200dthat Randol allowed criminals to launder funds through his Bitcoin kiosks \u2063located in various malls, \u200dgas stations, and convenience stores across Los Angeles, Glendale, Santa\u200b Clarita, Huntington Beach, Santa Ana, and Riverside.<\/p>\n<p> <\/p>\n<h2> What penalties does Charles Randol face for using cryptocurrency to launder money obtained\u200c through illegal activities?<\/h2>\n<p><span>  Way Crash<\/a><\/h3>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/photos-nycs-5th-avenue-a-sea-of-blue-as-police-gather-to-honor-fallen-officer-jason-rivera\/\" title=\"PHOTOS: NYC's 5th Avenue a 'Sea of Blue' as Police Gather to Honor Fallen Officer Jason Rivera\">motorcycle officer<\/a> from the Manhattan Beach Police Department was killed\u200c in a tragic accident on the 405 freeway.<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/california-man-sentenced-to-prison-for-laundering-money-through-cryptocurrency-5503462?ea_src=author_manual&#038;ea_med=related_stories\">California \u200cMan Sentenced to Prison\u2062 for Laundering Money Through Cryptocurrency<\/a><\/h3>\n<p>A \u2063California man \u2064has been sentenced to prison\u2062 for using cryptocurrency to launder money obtained through\u200b illegal\u2064 activities.<\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>Randol operated a virtual\u2063 currency exchange business from 2015 to 2019. During this time, he knowingly exchanged cash for virtual currencies without conducting any due diligence to identify or report suspicious transactions, as required by law.<\/p>\n<p>According to\u2062 the\u2062 plea agreement, Randol exchanged over $9 million in cash for virtual currencies, knowing that a significant portion of that money represented proceeds from various illegal activities, including identity theft, drug trafficking, and computer fraud.<\/p>\n<p>Authorities became aware of Randol&#8217;s illicit activities after\u200b conducting \u2063an investigation into\u200d a drug trafficking organization that was using virtual currencies to launder their profits. The investigation \u2064led\u200b them to Randol&#8217;s cryptocurrency business,\u2062 which was facilitating the conversion of their illegal gains into seemingly legitimate virtual currencies.<\/p>\n<p>As part of his plea agreement, Randol has agreed to forfeit approximately $2.4 million in cryptocurrency, as well as several luxury \u2064vehicles and properties that were purchased with the illicit funds.<\/p>\n<p>Assistant U.S. Attorney Steven Sun said, &#8220;This case highlights the importance of\u2064 robust anti-money laundering measures within the cryptocurrency industry. We will continue to \u200dwork with our law enforcement partners to identify and prosecute individuals who use virtual currencies to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/critics-of-george-soros-conspiracy-theories-keep-being-linked-to-george-soros\/\" title=\"Critics of \"George Soros Conspiracy Theories\" Keep Being Linked to George Soros\">facilitate money laundering<\/a> and other criminal activities.&#8221;<\/p>\n<p>The case against Randol was investigated by\u2062 the\u2063 Internal Revenue \u200bService Criminal Investigation Division, the Drug \u2064Enforcement Administration, and the Santa Monica Police Department. Additional assistance was provided by the Financial Crimes \u200bEnforcement Network and the U.S. Attorney&#8217;s Office&#8217;s Money \u200cLaundering and Asset Recovery Section.<\/p>\n<p>Randol&#8217;s guilty plea serves as a reminder that \u200bthe use of cryptocurrency can easily \u2062be exploited for illegal activities, and authorities are committed to cracking down on those who seek to use this technology to launder\u200d money and hide the \u200cproceeds of their criminal \u200centerprises.<\/p>\n<p>With the growing popularity of cryptocurrency, it is crucial for businesses operating in this industry to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/santa-monica-man-pleads-guilty-in-cryptocurrency-case\/\" title=\"Santa Monica man admits guilt in cryptocurrency case.\">implement strict anti-money laundering protocols<\/a> and ensure compliance with all relevant laws and regulations. Failure to do so can \u200cresult in severe penalties, including hefty fines and lengthy prison sentences.<\/p>\n<p>The case against Randol \u2064also underscores the importance of\u200d collaboration \u2063between law enforcement agencies and financial\u2063 institutions in detecting and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-chase-settles-epstein-lawsuit-for-75-million\/\" title=\"JPMorgan Chase pays  million to settle Epstein lawsuit.\">preventing money laundering<\/a> and other financial crimes involving cryptocurrencies. By working together, they are able to disrupt and dismantle criminal networks that depend on these digital currencies to facilitate their illicit financial\u2063 activities.<\/p>\n<p>As \u2064the cryptocurrency industry continues to evolve, it is imperative that authorities and \u2062businesses remain vigilant in combating money laundering and\u2062 other forms of financial fraud. Only through a concerted effort can we effectively address the challenges posed by this new and rapidly\u2064 evolving technology.<\/p>\n<p>Sentencing\u2062 for Charles Randol will serve as a significant milestone in the fight against cryptocurrency-related money laundering, sending a clear\u200c message to individuals involved in such activities \u2062that they will be held accountable for their actions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Santa Monica man, Charles Randol, pleaded guilty on Oct. 4 to a federal charge of failing to maintain an effective anti-money laundering program. He used his cryptocurrency cash exchange business to launder millions of dollars in criminal proceeds. If convicted, he could face up to five years in prison.<\/p>\n","protected":false},"author":410,"featured_media":2056918,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2056917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2056917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/410"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2056917"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2056917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2056918"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2056917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2056917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2056917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}