LocalBitcoins trader sentenced to 21 months in prison

LocalBitcoins trader sentenced to 21 months in prison by US authorities for running an unlicensed remittance company and real estate and Bitcoin fraud.

The United States Attorney Southern District of California reported in a press release, Morgan Rockcoons 21 months is sentenced in federal prison for his “business”, which also includes real estate fraud using bitcoins.

It is noted thet Rockes made more than 1000 transactions on the P2P platform till 2017 end. In February last year, Morgan Rohuns was arrested for selling BTC worth more than $10,000 to an undercover US National Security Agent. Coming out after his arrest, Rokuns launched the Bitcointopia scheme.

He advertised the sale of land not owned by him in Elko County Nevada and sold from 500-1,000 acres of undeveloped land at 0.5 Bitcoin per acre, promising “to create a city of future based on digital assets, automation and technology.”

In February, the Florida Court of Appeals overturned a decision that justified Rocks’s money laundering and acting as an unlicensed money transfer operator.

In February of this year, another California trader was sentenced to two years in prison for violating AML rules. He received more than $820,000 from BTC sales on the LocalBitcoins P2P platform from 2015 to 2018.

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