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LocalBitcoins Seller "Bitcoin Maven" Facing Illegal Money Exchange Charges

An LA woman, known as “Bitcoin Maven”, named Theresa Tetley, is facing charges for running an unregistered illegal money transfer business and facing a jail sentence of more than 30 months in jail if the worst outcome happens. This after being a prominent member of the LA community in a bitcoin exchange website called LocalBitcoins, according to an article from NBC.
The woman was one of the top sellers of bitcoin in the area of Los Angeles, featured on the top spots of LocalBitcoins. LocalBitcoins is a Finnish company that features a peer to peer market exchange, that lets users exchange their cryptocurrency to fiduciary money, or get paid through PayPal or others means of payment. It features an escrow system to minimize theft and scams between buyers and sellers. Localbitcoins, as many of these peer to peer markets, does not enforce ID checks to operate under its platform.
The police have calculated that Theresa had changed more than 6 million dollars worth of bitcoin through the site, during the three years in which he operated. She pleaded guilty to the charges of laundering money coming from drug trafficking and operating an unregistered money exchange business. The police have also taken more than 40 bitcoins and 25 gold bars from its residence, confiscating them.
Theresa is facing two possible outcomes: if the proposal of his lawyer is accepted by the judge, she will spend a year in prison; but if the judge accepts what prosecutors are asking, she will be in jail for 30 months. Theresa is just one more of the LocalBitcoins users that have been prosecuted this year. In February 2014, MichaelHack, another LocalBitcoins user in Florida was framed into doing a mock exchange with police officers and was apprehended on the spot, accused of the same charges that Theresa. Also, last year in a more prominent case, a trader and his father, both LocalBitcoins members were convicted to 9 and 4 years of jail, respectively.

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