The United States government carries on its efforts to eliminate crypto asset scams in the country.
On May 28, 2019, Judge Anthony J Battaglia sentenced Morgan Rockcoons of Las Vegas, Nevada, to 21 months in jail for managing an illegal business of money transactions. Moreover, he was required to pay $80,600 in unlawful profits.
The offender pleaded guilty on May 7 and confessed managing a Bitcoin exchange lacking registration with FinCEN (Financial Crimes Enforcement Network) of the United States Department of Treasury. What is more, Rockcoons admitted to arranging plans to deceive people alleged real estate sales of property that wasn’t his in Nevada.
Based on the Government, Rockcoons promoted his exchange on localbitcoins.com. As of April 2016, his localbitcoin.com account suggested that he was a San Diego based BTC trader and seller and had taken part in over 500 trades. However, in October 2017, the number of transactions surpassed 1000. Rockoons gained 36% of the money per transfer.
Before his arrest in 2018, Rockcoons was accused of participating in illegal transactions in November 2017 and was later arrested in February 2018 and was released in spring 2018.
While Rockcoons was out of jail he began promoting a real estate development with Bitcoin as the payment method, Bitcointopia, on his social media. This too later turned out to be a fraud and, to this day, only 10 of his victims were identified.