‘Bitcoin Maven’ gets federal prison for money laundering

LOS ANGELES (AP) — A Southern California woman dubbed the “Bitcoin Maven” for illegally laundering the digital currency has been sentenced to a year and a day in federal prison.

Theresa Tetley was sentenced Monday in Los Angeles.

Prosecutors say the former stockbroker laundered millions of dollars’ worth of bitcoins through an unlicensed bitcoin-for-cash service. Authorities say she had customers around the country — including one client who’s suspected of selling drugs on the dark web.

Tetley pleaded guilty to money laundering and operating an unlicensed money transmitting business.

Besides her prison sentence, Tetley was fined $20,000 and ordered to forfeit 40 bitcoins, about $292,000 in cash and 25 gold bars.

A single bitcoin currently is worth about $6,700.

Categories: California News