California

California man to serve three years in federal prison for illegal bitcoin exchange and money laundering

California man to serve three years in federal prison for illegal bitcoin exchange and money laundering

advertisement A California man who in February agreed to plead guilty to felony charges of money laundering and operating a crypto exchange without proper licensure has been sentenced to three years in federal prison, according to a release from the U.S. Department of Justice. As The Block previously reported, Hugo Sergio Mejia operated a Bitcoin-to-cash …

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Two California men agree to plead guilty to fraud charges in connection with $1.8M ICO

Two California men agree to plead guilty to fraud charges in connection with $1.8M ICO

The Justice Department said Friday that two men from Orange County, California, have agreed to plead guilty to securities fraud charges in connection with a $1.8 million initial coin offering. The DOJ’s case centered around the actions of Dropil Inc and its two founders, Jeremy McAlpine and Zachary Matar, who will submit their pleadings in …

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California man sentenced to two years in prison for operating a bitcoin transmission business

California man sentenced to two years in prison for operating a bitcoin transmission business

Kais Mohammad, a 37-year-old man from Yorba Linda, California, was sentenced to two years in federal prison for allegedly illegally operating a bitcoin-based money transmission business, according to a release from the U.S. Department of Justice.  Court records suggest that Mohammad, a compliance-trained former bank employee, operated his business “Herocoin” from 2014 to 2019, where …

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Coinbase faces class action lawsuit in California over XRP sale

Coinbase faces class action lawsuit in California over XRP sale

A new lawsuit in California federal court alleges that Coinbase violated the state’s unfair competition laws by making a commission from the sale of Ripple’s XRP. Ripple was recently sued by the Securities and Exchange Commission (SEC) for allegedly issuing XRP as an unregistered securities offering. The new class-action suit was filed by Thomas Sandoval, …

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