Bitcoin Trader Facing 5 Years in Jail for Unlicensed Money Transmission
Burton Wagner, purportedly a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trader from Colorado, is reportedly facing up to five years in jail for unlicensed money transmission involving bitcoins. Prosecutors have also been seeking a $250,000 fine.
DC Magnates has not yet been able to obtain details of the exact nature of his business activities or the amount transmitted.
However, it would seem odd for such charges to be applied to bitcoin trading, which should then incriminate thousands of individuals. Intuitively, buying/selling bitcoins is not the same as moving them or fiat on behalf of third parties. Indeed, Wagner claimed in his defense, "The federal prosecutor believes a person must have a money transmittal license to buy and sell Bitcoins for individual investment."
The court document outlining the charges, however, claims that his business "involved the transport and transmission of funds that were known to the defendant to have been derived from a criminal offense and were intended to be used to promote and support unlawful activity."
His website, bitcoinme.com, mostly contains links to various bitcoin-related resources.
It is also alleged that he assisted Trendon Shavers in his Bitcoin Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term, for which the latter faces up to twenty years in prison. Posts on Bitcointalk from 2012 accuse him of knowingly participating in the scam and profiting from it. Documentation of his indictment makes no specific reference to the scam.
Correction: An earlier version of this article said Wagner was reportedly sentenced to 5 years in prison.
Burton Wagner, purportedly a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trader from Colorado, is reportedly facing up to five years in jail for unlicensed money transmission involving bitcoins. Prosecutors have also been seeking a $250,000 fine.
DC Magnates has not yet been able to obtain details of the exact nature of his business activities or the amount transmitted.
However, it would seem odd for such charges to be applied to bitcoin trading, which should then incriminate thousands of individuals. Intuitively, buying/selling bitcoins is not the same as moving them or fiat on behalf of third parties. Indeed, Wagner claimed in his defense, "The federal prosecutor believes a person must have a money transmittal license to buy and sell Bitcoins for individual investment."
The court document outlining the charges, however, claims that his business "involved the transport and transmission of funds that were known to the defendant to have been derived from a criminal offense and were intended to be used to promote and support unlawful activity."
His website, bitcoinme.com, mostly contains links to various bitcoin-related resources.
It is also alleged that he assisted Trendon Shavers in his Bitcoin Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term, for which the latter faces up to twenty years in prison. Posts on Bitcointalk from 2012 accuse him of knowingly participating in the scam and profiting from it. Documentation of his indictment makes no specific reference to the scam.
Correction: An earlier version of this article said Wagner was reportedly sentenced to 5 years in prison.