Published On: Mon, Jun 11th, 2018

LA ‘Bitcoin Maven’ Trader Pleads Guilty of Running an Illegal Money Exchange

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In what’s being reported as the first case of its kind in Southern California, a woman has pleased guilty to running an illegal money exchange using bitcoin. Theresa Tetley is thought to have made over $300,000 a year using a peer-to-peer Bitcoin marketplace.
“Bitcoin Maven” Sold Bitcoin Worth Millions of Dollars
According to NBC Los Angeles, Tetley was operating under the name ‘Bitcoin Maven’ on LocalBitcoins. The platform is a website that allows its users to sell Bitcoin for cash delivered in person or directly into their bank account. Tetley had plead guilty to operating a money transmission business at an earlier hearing. She allegedly traded Bitcoin for between $6 million and $9.5 million in the three years she operated.
According to the prosecutor’s court papers, Tetley’s business ‘fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry.’
In terms of punishment for her crimes, the federal prosecutors are calling on U.S. District Judge Manuel Real to sentence Tetley to a 30-month prison sentence. Meanwhile, the defence lawyer is hoping to get this reduced to just 12 months.
In …

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