Jacob Burrell Campos, a Mexican immigrant, Bitcoin trader, and a U.S Citizen was sentenced to 2 years jail by the US attorney office in the Southern California district. The news was confirmed on April 8th, by a press release issued by U.S Attorney’s office.
Jacob sold Bitcoin to 1,000 traders without doing any Anti-money laundering (AML) checks or due diligence on incoming funds. He amassed more than $823,000 in total Bitcoin sales.
Burrell was arrested in August 2018 and was in custody without bail. He pleaded guilty last October, agreeing to operate an exchange service without registering with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury.
Burrell was arrested on the basis that similar actions possess a threat to the U.S economy. According to the press release,
“prosecutors argued that unlicensed money transmitters pose a serious threat to the integrity of the U.S. financial system by creating a hole in the anti-money laundering regulatory scheme and allowing criminals to launder their cash proceeds without scrutiny”
Burrell’s entire cash of $823,000 will be confiscated. David Shaw, Special Agent in Charge for Homeland Security Investigations in San Diego, said
“Today’s sentencing of Burrell is a reminder to those illegal and unlicensed money transmitters that the laws and rules apply to cryptocurrency dealings just as they do to other types of financial transactions,”
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