A Rochester, New York, man, Timothy Wadsworth, has been sentenced to 51 months in prison after being convicted in a conspiracy involving wire fraud and money laundering, according to Bitcoin.com News. He was also ordered to pay about $811,000 in restitution.
The U.S. Department of Justice said the conduct took place between March and May 2020. During that period, Wadsworth used account information supplied by co-conspirators to initiate 310 unauthorized payments through payment processor Stripe. Those transactions involved about $1.6736 million in total attempted payments.
Of the 310 payments, 116 were successful, with a combined value of about $730,700, the Justice Department said. Authorities said Wadsworth then moved part of the funds into bank accounts under his control. He later used Coinbase to buy Bitcoin and transferred the cryptocurrency to his co-conspirators.
The case links unauthorized payment activity, bank transfers and crypto purchases in a single money flow described by federal authorities.
Timothy Wadsworth, a man from Rochester, New York, was sentenced to 51 months in prison for conspiracy to commit wire fraud and money laundering, according to Bitcoin.com News. He was also ordered to pay about $811,000 in restitution.
The U.S. Department of Justice said Wadsworth carried out the conduct between March and May 2020. Using account information provided by co-conspirators, he initiated 310 unauthorized payments through Stripe, with a total attempted value of about $1.6736 million. Of those, 116 transactions were completed, totaling about $730,700.
According to the Justice Department, Wadsworth then transferred part of the money into bank accounts he controlled, used Coinbase to purchase Bitcoin, and sent the cryptocurrency to his co-conspirators.
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