asset forfeitureBitcoin MixingBitcoin.comBTCcontrolled substancesCrypto assetCrypto Walletfinancial transactionsGeek GroupLaw EnforcementregulationU.S. Treasury Department

Indictment Order Issued Against Leaders of the Geek Group for Their Role Using BTC in an Illegal Money Transmission Business

A U.S. District Court has indicted three individuals behind the now-defunct Geek Group for their role in running an illegal money transmission business that used bitcoin to move funds across states. According to the indictment documents, it was Christopher Allan Boden then president of the Geek Group, who “sold bitcoin to numerous customers, in exchange for U.S. currency, primarily cash.”
Violation of Money Transmission Laws
The indictment of Boden and his accomplices comes more than two years after federal law enforcement raided the Michigan-based not-for-profit organization. Immediately after the raid, the Geek Group, which had previously been involved in charity work, announced the shut down of the organization.
Meanwhile, as the indictment documents show, Boden would obtain the BTC from Daniel Reynold Dejager, who lived in Washington. As part of their conspiracy, Dejager would “periodically travel to Michigan to meet with Boden.”
According to their adopted practice, Boden alongside Leesa Beth Vogt and others, “would deposit cash received from their customers into a bank account to which Dejager had access.” Alternatively, a transfer of cash to Dejager would be made and Dejager would then “use that currency to purchase additional bitcoin.”
However, according to the U.S. indictment, this arrangement was not in compliance with the relevant laws. In the indictment, the prosecutors said:
During the period relevant to this indictment, none of Boden, Vogt, Dejager and The Geek Group, (also known as the National Science Institute) was registered as a money services business or money transmitter with …
Story continues on Bitcoin.com

Related posts
Bitcoin.comBitmaxPress ReleaseUMBUmbrella

Umbrella to List UMB Token With BitMax

PRESS RELEASE. BitMax.io (BTMX.com), an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of UMB Tokens (UMB) under the trading pair of UMB/USDT on March 10th at 9:00 a.m. EST. Umbrella Network…
Bankbanks germanyBitcoin.comcrypto buyersCrypto custody servicescrypto germanyEuropeFinanceGerman bankGermany

German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country

Cryptocurrency adoption among the traditional banking industry keeps spreading across the board, and it has arrived at a bank based in Hamburg, Germany. Donner & Reuschel is set to make its inception into the crypto business by offering related custody…
AMDBitcoin.comCrypto-MiningETHETH PriceetherEthereum (ETH)Ethereum miningGPUGPU manufacturersGPU MinersGraphic processing units (GPUs)MiningNvidia

AMD Could Release Its Own Crypto GPU to Mine Ethereum to Calm Down the Skirmish Between Miners and Gamers

A U.S. multinational semiconductor company could be preparing the ground to release its own series of cryptocurrency mining processors. AMD is reportedly looking to introduce a GPU for mining Ethereum. AMD Navi 12 Won’t Have Video Outputs According to PC…