Topic: [2018-10-31] Bitcoin Trader Faces Five Years in US Jail for Unlicensed Money Tra (Read 191 times)
November 01, 2018, 08:30:57 AM
I think he made a smart move. Pleading guilty to the crimes he committed will make him face lesser punishment rather than the maxmimum allowed for his case. And to think of him having 5% mark up on his daily 1 million dollars transaction between 2016 to 2018, handing over 800 thousand dollars would be nothing compared to what he have earned surely. Another thing is that he will probably be serving time in a white collar prison which is less harsh compared to some violent prisons out there. This 21 yo will still be comfortable by the time he gets out of jail.
November 01, 2018, 07:41:56 AM
Forget to mention that you can't do this legally, at least not jn the US.
I haven't seen many websites advocating keeping vast amounts of cash over the Mexican border and keeping your bank transfers below reporting limits. He clearly knew what he was up to.
Trading for your own gains is one thing, taking money from thousands of people is a whole other thing. That's dealing.
November 01, 2018, 05:50:43 AM
I think calling Jacob Burrell-Campos just a "Bitcoin trader" is a bit misleading. The guy was dealing with millions of USD operating an unregistered exchange.
Basically, what he was doing could be called money laundering and I think he was aware of that and that's why he had no anti-money laundering or know-your-customer procedures in place. So, I think it should be clear that he is not facing jail for trading BTC as it may appear from the titles.
Quote
he turned to Bitfinex in March 2015 and bought about $3.3 million worth of bitcoin from the exchange over a period of just over two years.
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Burrell also admitted he had exchanged his dollars, which he kept in Mexico, with Joseph Castillo, a San Diego-based precious metals dealer. This amounted to importing more than $1 million in fiat on almost a daily basis between late 2016 and early 2018
Basically, what he was doing could be called money laundering and I think he was aware of that and that's why he had no anti-money laundering or know-your-customer procedures in place. So, I think it should be clear that he is not facing jail for trading BTC as it may appear from the titles.
November 01, 2018, 05:29:47 AM
Real criminals continue roaming the streets, but this young man just trying to earn a living is prosecuted for it 
wow wow our legal systems really need an overhaul sooner or later.
wow wow our legal systems really need an overhaul sooner or later.
November 01, 2018, 03:05:10 AM
That's what the movies he's been watching doesn't tell him. Also probably what all these "educational" websites and guides neglect to say. Buy Bitcoin, sell it, this is how you trade it, make $500 a day sitting at your computer, trading Bitcoin pay your bills forever.
Forget to mention that you can't do this legally, at least not jn the US. Hope the sentence is reduced, 5 years is 5 years too many for anyone that young, but ignorance is no excuse. Not good news, but hopefully a lesson for any would-be Bitcoib trader entrepreneur...
Forget to mention that you can't do this legally, at least not jn the US. Hope the sentence is reduced, 5 years is 5 years too many for anyone that young, but ignorance is no excuse. Not good news, but hopefully a lesson for any would-be Bitcoib trader entrepreneur...
October 31, 2018, 07:40:30 PM
I think it's a very high sentence, can not he pay bail? I do not know the laws of the USA, that's why I'm asking.
This is the federal law:
You'd have to be stupid, incapable of processing information or nuts to be doing that type of thing in the USA in this day and age. Sucks for him but what on Earth did he expect would happen?
People are reckless at that age. He's basically a kid.
He'll grow up fast in prison, I'm sure.
October 31, 2018, 06:22:33 PM
" sentencing and faces a maximum of five years in jail "
I think it's a very high sentence, can not he pay bail? I do not know the laws of the USA, that's why I'm asking.
Stating the 5% premium for "no questions asked" is just stupid. Whether one is a fan of or believes in the rules, as long as they are on the book you have to comply with them, to do otherwise is asking for a result like this.
People always think they will never be found, so they are not afraid to break the law.
[/quote]
Breaking the law are subject to receive punishment
If did not want to got punishment follow the the government law
We should all know how government of every country have an money laundering law to protect their economic
The lesson about this news follow the government law
I think it's a very high sentence, can not he pay bail? I do not know the laws of the USA, that's why I'm asking.
You'd have to be stupid, incapable of processing information or nuts to be doing that type of thing in the USA in this day and age. Sucks for him but what on Earth did he expect would happen?
Stating the 5% premium for "no questions asked" is just stupid. Whether one is a fan of or believes in the rules, as long as they are on the book you have to comply with them, to do otherwise is asking for a result like this.
People always think they will never be found, so they are not afraid to break the law.
[/quote]
Breaking the law are subject to receive punishment
If did not want to got punishment follow the the government law
We should all know how government of every country have an money laundering law to protect their economic
The lesson about this news follow the government law
October 31, 2018, 05:22:43 PM
Bitcoin trader Jacob Burrell-Campos pleaded guilty this week in a U.S. federal court to operating an unlicensed money transmitting business. The 21-year-old San Diego native is now awaiting sentencing and faces a maximum of five years in jail.
" sentencing and faces a maximum of five years in jail "
I think it's a very high sentence, can not he pay bail? I do not know the laws of the USA, that's why I'm asking.
You'd have to be stupid, incapable of processing information or nuts to be doing that type of thing in the USA in this day and age. Sucks for him but what on Earth did he expect would happen?
Stating the 5% premium for "no questions asked" is just stupid. Whether one is a fan of or believes in the rules, as long as they are on the book you have to comply with them, to do otherwise is asking for a result like this.
People always think they will never be found, so they are not afraid to break the law.
October 31, 2018, 02:32:28 PM
You'd have to be stupid, incapable of processing information or nuts to be doing that type of thing in the USA in this day and age. Sucks for him but what on Earth did he expect would happen?
Stating the 5% premium for "no questions asked" is just stupid. Whether one is a fan of or believes in the rules, as long as they are on the book you have to comply with them, to do otherwise is asking for a result like this.
October 31, 2018, 02:12:11 PM
You'd have to be stupid, incapable of processing information or nuts to be doing that type of thing in the USA in this day and age. Sucks for him but what on Earth did he expect would happen?
October 31, 2018, 02:09:05 PM
Bitcoin trader Jacob Burrell-Campos pleaded guilty this week in a U.S. federal court to operating an unlicensed money transmitting business. The 21-year-old San Diego native is now awaiting sentencing and faces a maximum of five years in jail.
Full article on Bitcoin.com
Full article on Bitcoin.com
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