Morgan Rockcoons is guilty for two crimes (1) Not following FinCEN rules (2) Sold landed properties he didn’t own
and I would also like to add two more crimes (3) Damaged cryptocurrency image (4) Damaged LBC's image
so the 22 months (not 21 months) in prison sentence is quite low in my opinion. Afaik USA is very strict about their LAWS
Topic: [2019-01-05] Bitcoin Exchanger On LocalBitcoins Bags 21 Months In Prison (Read 189 times)
June 01, 2019, 02:12:35 PM
June 01, 2019, 12:46:30 PM
for me 21 months is too small to pay for his mistakes. Morgan Rockcoons is one of the many causing others to assume that bitcoin is very connected with scams.
Er, no I don't think it's guys like him, but guys like you who read headlines and think 21 months is too small a price for buying and selling something we all own. Wait till you get charged retroactively for trading Bitcoin if your government one day decides its a crime, what will you think a fair sentence is?
i don't know how the sentence breaks down, but he wasn't just trading bitcoin. he plead guilty to running a real estate fraud scheme. apparently he defrauded at least 10 people, tricking them into paying him BTC for land titles he didn't own.
he should have known to walk away from the undercover cop too. he was offering him a 50% premium, an amount of cash far beyond reporting thresholds, and openly volunteered that the BTC was for a hash manufacturing operation. i would have smelled those cops a mile away......
June 01, 2019, 12:34:22 PM
Geez, I thought people would have learnt by now. Guy caught in Oct 2018, didn't he know by then? I mean, I'm all for the freedom of choice, go P2P all the way, etc. but if you're in the US and you want to live there then you have to live by the laws, like it or not. Or at least, don't get caught by being on LBC. Great place, great platform, just really, really shitty to use in the US!
The big lesson is never to assume that just because we are in cryptocurrency there is no more need to follow the law of the country concerning the conduct of business as there are things we have to first get approval first harsh as they may seem to us. On the other hand, the man is simply a fraudster selling something that never existed...for me 21 months is too small to pay for his mistakes. Morgan Rockcoons is one of the many causing others to assume that bitcoin is very connected with scams.
Er, no I don't think it's guys like him, but guys like you who read headlines and think 21 months is too small a price for buying and selling something we all own. Wait till you get charged retroactively for trading Bitcoin if your government one day decides its a crime, what will you think a fair sentence is?
The big lesson is never to assume that just because we are in cryptocurrency there is no more need to follow the law of the country concerning the conduct of business as there are things we have to first get approval first harsh as they may seem to us. On the other hand, the man is simply a fraudster selling something that never existed...for me 21 months is too small to pay for his mistakes. Morgan Rockcoons is one of the many causing others to assume that bitcoin is very connected with scams.
Er, no I don't think it's guys like him, but guys like you who read headlines and think 21 months is too small a price for buying and selling something we all own. Wait till you get charged retroactively for trading Bitcoin if your government one day decides its a crime, what will you think a fair sentence is?
June 01, 2019, 12:14:06 PM
so the truth came out in court. rockcoons was lying after all.
i thought he was just taking deals >$10k with no KYC or transaction reporting. apparently he was scamming people by selling them land he didn't own in exchange for BTC.
i thought he was just taking deals >$10k with no KYC or transaction reporting. apparently he was scamming people by selling them land he didn't own in exchange for BTC.
June 01, 2019, 09:36:35 AM
The big lesson is never to assume that just because we are in cryptocurrency there is no more need to follow the law of the country concerning the conduct of business as there are things we have to first get approval first harsh as they may seem to us. On the other hand, the man is simply a fraudster selling something that never existed...for me 21 months is too small to pay for his mistakes. Morgan Rockcoons is one of the many causing others to assume that bitcoin is very connected with scams.
Even not on crypto-related these kind of frauds is punishable on any angle and i agree that 21 months is just too small and thats why
Bitcoin do really have always that negative image on most people because of these kind of incidents.
June 01, 2019, 08:17:36 AM
The big lesson is never to assume that just because we are in cryptocurrency there is no more need to follow the law of the country concerning the conduct of business as there are things we have to first get approval first harsh as they may seem to us. On the other hand, the man is simply a fraudster selling something that never existed...for me 21 months is too small to pay for his mistakes. Morgan Rockcoons is one of the many causing others to assume that bitcoin is very connected with scams.
June 01, 2019, 05:49:37 AM
Morgan Rockcoons, who resides in Nevada, U.S. was sentenced to jail recently after pleading guilty to crimes of unregulated trading of crypto assets and selling of properties which doesn’t belong to him.
Full Story: https://www.btcnn.com/regulations-and-policies/bitcoin-exchanger-on-localbitcoins-bags-21-months-in-prison/
Full Story: https://www.btcnn.com/regulations-and-policies/bitcoin-exchanger-on-localbitcoins-bags-21-months-in-prison/
Jump to: