California Slaps ‘Unlicensed’ Bitcoin Trader with 2-Yr Jail Term, Demands $823K in Forfeiture
The end of the road has finally come for the Rosarito, Mexico-based bitcoin dealer Jacob Burrell Campos, a US citizen who will forfeit more than $800k in ‘ill-gotten gains, according to the government.
The 22-year-old admitted to running an illegal, unlicensed Bitcoin exchange that preyed on unsuspecting U.S. Bitcoin buyers and traders. More than 1,000 customers did business with Burrell Campos.
For his crimes, he will also serve two years in prison.
Burrell Campos isn’t some infamous, major criminal mastermind. He simply facilitated bitcoin trading without having a license or the exchange he set up to operate. However, his sentencing shows that the US is serious about punishing crypto-related criminals, even though it’s been slow to move on regulations.
Fessing Up
Burrell Campos was arrested and held without bail in August. A US District Court judge handed down the sentence on Monday.
Burrell will serve two years in prison and forfeit $823,357 in illicit profits for operating an unlicensed money transmitting business.
At the end of October, he admitted that he operated a Bitcoin exchange without registering with the Financial Crimes Enforcement Network (FinCEN). He also admitted to not having an anti-money laundering or “know your customer” program in place, as required.
