Richard Charles Appelbaum III, a man from Maryland Heights, has been sentenced to three years in prison and ordered to repay $2.3 million for his involvement in laundering millions of dollars through cryptocurrency. Appelbaum collaborated with others to transfer funds from Business Email Compromise (BEC) and romance fraud schemes into cryptocurrency via Coins2trade. He received training from a major cryptocurrency figure, hiding the connection to crypto by opening fraudulent accounts. Appelbaum laundered $3.5 million, moving funds across various accounts to make the source of the money harder to trace. The FBI led the investigation and discovered 34 wire transfers, totaling $8.3 million, associated with the fraud.
- Content Editor ( news.bitcoin.com )
- 2024-12-06
FBI Cracks $8.3M Crypto Fraud: Launderer Sentenced to Prison and $2.3M Repayment