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Sentencing Postponed for Los Angeles Bitcoin Trader

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A scheduled sentencing hearing on Monday 11 was postponed, and no new date was immediately set for Los Angeles Bitcoin Trader who goes by the name “Bitcoin Maven.”

Fifty-year-old Theresa Tetley, made at least $300,000 annually by operating an illegal, unregistered multi-million dollar money transmitting business which exchanged bitcoins for cash on Localbitcoins.com platform.

According to the U.S Attorney Office records, Tetley had exchanged between $6 million and $9.5 million in the course of running her Business.

Tetley has previously pleaded guilty to operating an unregistered money transmission business and conducting a financial transaction involving proceeds of drug trafficking.

As reported by CNBC LA, The federal prosecutor has asked US District Judge Manuel Real to sentence Tetley with 30 months of prison time, while Tetley’s defense Team has asked only for a year. They’ve also asked for the forfeiture of 40 Bitcoins (Valued at $292,264) and 25 gold bars seized during the nab on March 30.

Describing Bitcoin Maven Business the official court documents said she:

“Fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry.”

It’s worth noting that this is not the first time a cryptocurrency trader has been found guilty and sentenced for trading large volume of bitcoin on LocalBitcoins.com. On Dec last year, Sal Mansy, a Detroit bitcoin trader was sentenced to 12 months federal prison for similarly operating an unlicensed money transmission business. Mansy had exchanged $2.4 million-worth of bitcoin transactions over a two-year period via localbitcoins.com.

Localbitcoins.com headquartered in Helsinki, Finland acts as an escrow service by providing a platform where users can interact with each other on a personal level and trade Bitcoins with each other.

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