A Los Angeles bitcoin trader was sentenced Monday to one year in federal prison after she admitted to operating an unlawful money transmission business.
Theresa Tetley, a former stockbroker and real estate investor based in California, was also fined $20,000 and will give up 40 bitcoins (an amount worth roughly $254,000), nearly $300,000 in cash and 25 assorted gold bars, according to a notice from the U.S. Department of Justice.
As CoinDesk previously reported, Tetley worked as a trader on the LocalBitcoins exchange platform under the name "Bitcoin Maven" between 2014 and 2017 and reportedly exchanged millions of dollars worth of crypto during that period.
The year-long sentence – plus one day – is less than the 30 months Tetley potentially faced as the sentencing process moved forward. It represents a win for Tetley, whose lawyers sought a one-year prison term.
Brian Klein, one of Tetley's attorneys, called the result "a victory," according to LA Times, as it is much shorter than the previous 30-month jail time.
"We are pleased the judge made such a dramatic departure," Klein told the publication.
Tetley's case is considered to be the first of its kind within California's Central District, but other lawsuits in the past couple of years have taken aim at U.S.-based traders who used the LocalBitcoins platform.
In one case from 2017, a bitcoin trader and his father were charged with running an unlawful money services business, resulting in a nine-year sentence for Michael Lord.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Money LaunderingCaliforniaBitcoin TradingRepublishedbitcoin money launderingillegal bitcoin trading
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin
Ethereum Sets Tentative January Goal for Next Blockchain Upgrade
Developers are eyeing January 16th as the date on which Constantinople, ethereum's upcoming network hard fork, could launch.
The upgrade for the world's second-largest blockchain was originally tar
For Bitfinex Users, Dollar Withdrawals Are Now a Weeks-Long Struggle
Three weeks after being assured that everything was running smoothly, some customers of cryptocurrency exchange Bitfinex are wondering why they still can't withdraw their money.
On Oct. 15, the cry