Add as a preferred source on GoogleJorge Figueira Sentenced to 12 Years, Agrees to $1 Billion Judgment
The 60-year-old Venezuelan laundered billions of dollars through a network involving cryptocurrency wallets, financial accounts and shell companies.
U.S. District Judge Rossie D. Alston Jr. sentenced Jorge Figueira, a 60-year-old Venezuelan national, to 12 years in prison Nov. 3 for conspiring to launder money.
Figueira also agreed to a $1 billion money judgment. The laundering activity involved billions of dollars, while more than $1 billion moved through the identified cryptocurrency wallet and various financial accounts.
The network used bank and cryptocurrency exchange accounts, private cryptocurrency wallets and shell companies to move funds. Money was converted to cryptocurrency, sent through multiple digital wallets, exchanged for dollars by liquidity providers and transferred to Figueira’s bank accounts before being passed to recipients. The process concealed the funds’ origins.
Most outgoing funds went to businesses and individuals in the United States and overseas, including China, Colombia, Panamá and Mexico.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.