A Massachusetts man, Alan Joseph, 36, has been convicted of operating an unlicensed money transmission business and laundering funds after converting cash linked to counterfeit goods into bitcoin, Homeland Security Investigations (HSI) announced on Thursday. Convicted on Nov. 22, following a five-day jury trial, Joseph was found guilty of facilitating illegal cash-for-crypto transactions, including a $25,000 conversion he believed stemmed from counterfeit goods sales. He faces up to 20 years in prison for money laundering and five years for the unlicensed business, with sentencing scheduled for February 2025. Authorities, including HSI and the FBI, emphasized the critical role Joseph’s actions played in aiding criminal enterprises. Investigators revealed he processed multiple transactions from August 2020 to February 2021 without proper registration or identity verification.
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