Richard Charles Appelbaum III, a resident of Maryland Heights, has been sentenced to three years in prison and ordered to repay $2.3 million for his involvement in the laundering of millions of dollars through cryptocurrency. Appelbaum, who is 40 years old, conspired with others to channel funds obtained through Business Email Compromise (BEC) and romance fraud schemes into cryptocurrency using Coins2trade. He was recruited by an individual known as “E.S.,” who is believed to be a prominent figure in the cryptocurrency industry. Appelbaum received training on how to create fraudulent business and personal accounts, effectively concealing their connection to cryptocurrency. Over the course of the scheme, 36 victims fell victim to fraud, and Appelbaum laundered a total of $3.5 million by transferring funds between accounts to obscure their origin. The FBI led the investigation, which revealed 34 wire transfers amounting to $8.3 million that were linked to the fraudulent activities.
