A federal tribunal condemned a Detroit man to a year and a day in prison and three years of supervised release for trading a non-licensed Bitcoin for money service, according to the US Prosecutor’s Office for the Maine District. The man, Sal Mansy, was convicted of his company, TV TOYZ LLC. Halsey Frank, a lawyer for the United States, has announced. Sal Mansy pleaded guilty to allegations in May this year.
The court requested defendants to give up nearly 118,000 USD of Bitcoin and money.
This case was prosecuted in Maine because Mansy’s company announced Maine advertising and engaged in wireline wiretapping with Maine customers, US Attorney Michael Conley told Microsoft Mainebiz.com.
Over 2.4 Million dollars traded in Bitcoin
Sal Mansy bought and sold around 2.4 million dollars worth of Bitcoin between August 2013 and June 2015, according to court registers. Mansy made his transactions through TOYZ’s bank account. Also, Sal Mansy owned and managed TV TOYZ, a limited liability company.
Mansy failed to register his financial services business with the Financial Crime Execution Network, violating federal law. Mansy has violated Title 18 of the U.S. Code, section 1960, which prohibits the transfer of funds as a business to others without obtaining the appropriate licenses. Also, Mansy knew he had to register with FinCEN, and the court files were recorded.
Agents confiscated Bitcoin totaling 118,135.57 dollars and worth of Bitcoin while searching for Mansy’s home in Detroit in June 2015 after a one-year investigation.
Investigating the Internal Security of Portland, and Detroit, Michigan offices in the US Department of Immigration and Customs, conducted the investigation together with the Saco Police Department.
The Federation is moving away
A report from the 2015 Congress Research Service said Congress is concerned about Bitcoin’s use of illegal cash transfers and its effect on the Federal Reserve’s ability to achieve its goals stable prices, maximum employment, and financial stability. The report also voiced concerns about protecting consumers and investors who could use Bitcoin.