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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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U.S. Charges Bitcoin Exchangers Linked to Silk Road Drug Bazaar

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Post by Bama Diva Mon 27 Jan 2014, 5:36 pm

First topic message reminder :

U.S. Charges Bitcoin Exchangers Linked to Silk Road Drug Bazaar

By Matt Egan  

Published January 27, 2014 

FOXBusiness

Federal prosecutors unsealed criminal charges on Monday against a pair of individuals who they say sold Bitcoins that were later used to buy and sell drugs on Silk Road, signaling a desire by law enforcement to target those who use crypto currencies to facilitate shady activities.

The complaint marks the latest fallout from Silk Road, the online drug bazaar that U.S. authorities shut down last year and later seized millions of dollars worth of Bitcoin from. It also highlights a concerted effort to crack down on those who use Bitcoin to enable illicit activities.

“When Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act,” Manhattan U.S. Attorney Preet Bharara said in a statement. “We will aggressively pursue those who would coopt new forms of currency for illicit purposes.”

This isn’t the first time Bharara’s office has gone after a digital currency. Last year, the U.S. successfully shut down Liberty Reserve, which it accused of handling $6 billion worth of illicit transactions.

“Basically, the government is putting the industry on notice. Either you do what we’re asking for or we’re going to put you out of business,” said Annemarie McAvoy, a former federal prosecutor who is now a professor at Fordham Law School. “They’ve brought two (cases), and I’m sure this is not the last.”

The two individuals named in the charges are Robert Faiella, who prosecutors say was an underground Bitcoin exchanger, and Charlie Shrem, CEO and compliance officer of a Bitcoin exchange company.

Federal prosecutors charged Faiella, 52, and Shrem, 24, with engaging in a scheme to sell more than $1 million of Bitcoins to users of Silk Road. Each defendant was charged with conspiring to commit money laundering, which carries a maximum prison sentence of 20 years. They are additionally charged with operating an unlicensed money transmitting business, which has a max sentence of five years in prison.

The U.S. also charged Shrem with violating the Bank Secrecy Act by “willfully failing” to file suspicious activity reports on Faiella’s questionable transactions. This charge carries a maximum sentence of five years in prison.

The charges highlight how one of the characteristics that makes Bitcoin appealing -- its privacy -- has put the currency in the crosshairs of law enforcement. Last year, a division of the Treasury Department issued new legal guidelines saying exchangers of digital currencies must register as money services businesses and comply with anti-money laundering regulations. “Law enforcement wants to be able to maintain control. They want to be able to follow the money. Here, you can’t – and that’s worrying them,” said McAvoy. In addition to the Manhattan U.S. Attorney, the charges were announced by the Drug Enforcement Agency and the criminal investigation division of the Internal Revenue Service.

“Hiding behind their computers, both defendants are charged with knowingly contributing to and facilitating anonymous drug sales, earning substantial profits along the way,” said DEA acting special-agent-in-charge James Hunt.
Schrem was apprehended by authorities at JFK International Airport in New York on Sunday and is set to appear in federal court in Manhattan later on Monday. Faiella was arrested at his Cape Coral, Fla., home on Monday and is expected to appear in federal court in the Middle District of Florida.

The court documents allege Faiella operated an underground Bitcoin exchange on the Silk Road website between December 2011 and October 2013 that sold the crypto currency to users who wanted to buy illegal drugs on the site. After receiving orders, he filled them through a New York company designed to enable customers to exchange cash for Bitcoins anonymously, the U.S. alleges.

Shrem served as the New York Bitcoin company’s CEO during much of that timeframe and was “fully aware that Silk Road was a drug-trafficking website” and that Faiella was operating an exchange service for Silk Road users, the documents say.

Prosecutors say Shrem still did business with Faiella to maintain a “lucrative source” of revenue. He personally processed Faiella’s orders, gave him discounts on high-volume transactions, failed to file a single suspicious activity report and even helped Faiella “circumvent” the company’s anti-money laundering policies, the documents allege.

Bharara said the investigation remains ongoing.

The value of Bitcoin tumbled in October  following the FBI raid of Silk Road, which resulted in the forfeiture of about 29,655 Bitcoins. The action underscored the legal and regulatory concerns that continue to dog Bitcoin  even as its value has surged over the past two years

http://www.foxbusiness.com/technology/2014/01/27/us-charges-bitcoin-exchangers-linked-to-silk-road-drug-bazaar/
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Post by Franky Sat 01 Feb 2014, 11:46 am

O and....Do not fear making the right choice, fear regretting that you didn't make one at all!!!
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Post by Franky Sat 01 Feb 2014, 11:51 am

The Older you get its like a OLD car Every time you sneeze, cough, or sputter either your radiator leaks or your exhaust backfires!!!!   :affraid:
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Post by Franky Sat 01 Feb 2014, 11:54 am

I don't want to say anyone's worn out, but  make sure if you are....your nowhere near the curb on trash day!!!
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Post by Franky Sat 01 Feb 2014, 12:20 pm

I'm bored..think I'll go to the mall, find a great parking spot, and sit in my car with my reverse lights on for a while.
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Post by Franky Sat 01 Feb 2014, 12:52 pm

SEE YA ALL LATER!!!  think all just take my truck!!U.S. Charges Bitcoin Exchangers Linked to Silk Road Drug Bazaar - Page 4 Pottyt1
Diamond
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Post by Diamond Sat 01 Feb 2014, 2:30 pm

Well im so glad ya got that off ya your little bird brain, im sure it relived some pressure from the brain farts you so well express, but what you think an takin a shite are about the same its just passin crap from mommys boy, but im glad to see ya finally find a drivin job that you can handle, maybe ya can hold onto this one for a while!! 10-4 my little side walk sissy  ☀
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Post by Diamond Sat 01 Feb 2014, 3:15 pm

oh,an i glad you can put all these short sentences togethers, i'm sure it was difficult work, even tho from looking at the times it did take you quiet awhile, an when you get to that parking lot you should turn on the headlights, that way people will think someones home, even if there isnt we'll know little buddy!!!!!
Franky
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Post by Franky Sat 01 Feb 2014, 10:01 pm

Have a few things I wanna say! First I have NEVER lost a job, Could go back to Texas tomorrow and start driving...talk to my prior boss almost every month just to keep in touch with friends if that is what your referring too, my brother needed a driver and couldn't wait to come back HOME!  ;)saying that I want to say I'm sorry for the things I did say! just get tired of negative and rude people sometime, but that doesn't give me the right to be disrespectful to ANYONE!! I had a whole page full of comments that I deleted cause it's NOT what I really want to stoop down too! it doesn't make me feel good! sorry again and I will do better!! carry on!! ;)
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Post by Franky Sat 01 Feb 2014, 10:51 pm

U.S. Charges Bitcoin Exchangers Linked to Silk Road Drug Bazaar - Page 4 Sunset
     I'm Trying not to become a man of success but a man of value!!
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Post by Neno Sun 02 Feb 2014, 11:21 am

Much better. Wasn't this thread about bit coins, or was it character issues?

If character issues, I just got in from Oklahoma city and we took first place in a cheerleader completion that featured teams from Texas, Oklahoma, Kansas, Arkansas, and Missouri. Talk about different attitudes, but all in all we all bleed red and will answer to the one God.

Now, far as the bitcoins, I am waiting on bitcoin donations, so far non donated. Last I read their worth over $800 each... lol!

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