Alan Joseph, a resident of Lancaster, Massachusetts, was found guilty on November 22nd of operating an unlicensed business that converted cash into bitcoin to support criminal endeavors, according to a statement from the U.S. Department of Justice (DOJ) released on Tuesday. From August 2020 to February 2021, Joseph engaged in various transactions, including exchanging $25,000 in cash for bitcoin, all while unaware that he was actually dealing with an undercover agent who claimed to be involved in the trafficking of counterfeit goods. Authorities disclosed that Joseph’s actions facilitated illegal activities by allowing criminals to conceal their financial transactions through the use of cryptocurrency. Furthermore, Joseph failed to register his money transmission business in accordance with federal law, thus highlighting the misuse of bitcoin as a means to conceal illicit profits. This case serves as a warning from federal agencies, such as the FBI and IRS, to individuals who exploit cryptocurrency for criminal purposes. If convicted, Joseph could face a maximum sentence of 20 years for money laundering and an additional five years for operating an unlicensed business. The sentencing is scheduled for February 2025.
