Kais Mohammad, 37, of Yorba Linda, pleaded guilty to operating an unlicensed money transmitting business, money laundering and failing to maintain an effective anti-money laundering program in September 2020, according to the US Attorney’s Office, theMohammad owned and operated an illegal virtual-currency money services business called Herocoin.
He operated the business from December 2014 to November 2019, and offered bitcoin-cash exchange services, according to a spokesman for the US Attorney’s Office.Mohammed operated kiosks at various malls, gas stations and convenience stores throughout Southern California.A lawyer said the man knew that some of his clients’ funds came from illegal activities.
The US Attorney’s office said Mohammad knew that some of his clients’ funds came from illegal activity.Mohammad, a former bank employee, knew the rules about having to register his company with the US Treasury Department’s Financial Crimes Enforcement Network. After choosing not to do that, he eventually did register, but failed to conduct due diligence and report suspicious customers.
As part of the plea agreement, Mohammad forfeited 17 kiosks and an unspecified amount of cash and cryptocurrency, officials said last year.
dude, the ledger is public :D... Apes didn't read