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Digital currency firm co-founder gets 10 years in prison in U.S. case
Source: Reuters
Homepage | Fri May 13, 2016 2:14pm EDT
Digital currency firm co-founder gets 10 years in prison in U.S. case
NEW YORK | BY NATE RAYMOND AND BRENDAN PIERSON
A co-founder of Liberty Reserve, which operated a widely-used digital currency, was sentenced to ten years in prison on Friday after agreeing to help authorities prosecute his ex-partner for helping cyber criminals launder hundreds of millions of dollars.
Vladamir Kats, 44, was sentenced by U.S. District Judge Denise Cote in Manhattan, a week after she imposed a 20-year prison term on Arthur Budovsky, Liberty Reserve's other co-founder, for conspiring to commit money laundering.
Kats, who has been in custody since his arrest in May 2013, was also ordered to forfeit $6.5 million. He pleaded guilty later in 2013 to money laundering and operating an unlicensed money transmitting business.
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Liberty Reserve operated a widely used digital currency, processing more than $8 billion in transactions while helping launder proceeds from Ponzi schemes, credit card trafficking, identity thefts and computer hacking, prosecutors said.
The company was shuttered in May 2013 as Kats and Budovsky were arrested amid U.S. efforts to crack down on the use of digital currencies including bitcoin to evade law enforcement.
[font size=1]-snip-[/font]
Digital currency firm co-founder gets 10 years in prison in U.S. case
NEW YORK | BY NATE RAYMOND AND BRENDAN PIERSON
A co-founder of Liberty Reserve, which operated a widely-used digital currency, was sentenced to ten years in prison on Friday after agreeing to help authorities prosecute his ex-partner for helping cyber criminals launder hundreds of millions of dollars.
Vladamir Kats, 44, was sentenced by U.S. District Judge Denise Cote in Manhattan, a week after she imposed a 20-year prison term on Arthur Budovsky, Liberty Reserve's other co-founder, for conspiring to commit money laundering.
Kats, who has been in custody since his arrest in May 2013, was also ordered to forfeit $6.5 million. He pleaded guilty later in 2013 to money laundering and operating an unlicensed money transmitting business.
[font size=1]-snip-[/font]
Liberty Reserve operated a widely used digital currency, processing more than $8 billion in transactions while helping launder proceeds from Ponzi schemes, credit card trafficking, identity thefts and computer hacking, prosecutors said.
The company was shuttered in May 2013 as Kats and Budovsky were arrested amid U.S. efforts to crack down on the use of digital currencies including bitcoin to evade law enforcement.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/us-usa-cyber-libertyreserve-idUSKCN0Y42A2
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