The Southern District of California Department of Justice has released details pertaining to crypto crime involving a 21-year-old man. Jacob Burrell Campos has been accused of money laundering between the start of 2015 and mid-2016, and will be held without bail pending trial. The unsealed court record reads:
From on or about January 2015 to on or about April 2016, within the Southern District of California and elsewhere, defendant JACOB BURRELL CAMPOS did knowingly conduct, control, manage, supervise, direct and own at least part of a money transmitting business affecting interstate and foreign commerce which failed to comply with the transmitting business registration requirements under Title 31, United States Code, Section 5330, and the regulations prescribed thereunder.
All in violation of Title 18, United States Code, Section 1960(a).
However, this is only one of 31 separate counts of money laundering brought against the defendant. Amongst the allegations are the sale of $750,000 of Bitcoin to customers via an unlicensed exchange, and international money laundering charges, including sending money abroad to buy Bitcoin without restrictive ID verification, after the closure of his Coinbase account in the US.
The court document also outlines the actions that will be taken against Burrell Campos upon conviction, as follows:
Upon conviction of the offense alleged in Count 1 (conducting an unlicensed money transmitting business) or any of the offenses alleged in Counts 3 through 30 (money laundering) of this indictment, defendant JACOB BURRELL CAMPOS. shall forfeit to the United States of America, pursuant to Title 18, United States Code, Section 982(a) (1), any property, real and personal, involved in such offenses, and any property traceable to such property.
According to an official announcement on the website of the US attorney’s office for the Southern District of California, “U.S. Magistrate Judge Karen S. Crawford found that Burrell had significant ties to Mexico, citizenship in three countries, no steady employment in the United States, the ability to access large sums of cash, and a disdain and unwillingness to comply with U.S. laws. She concluded that Burrell posed a substantial risk of flight, and ordered him held without bail.”