‘I can’t do anything’: US trader loses millions on cryptocurrency trading
A US trader who used cryptocurrency trading platforms to launder money and make huge profits was jailed for five years in October.
Dillon T. Lee, 42, was convicted on two counts of conspiracy to louse, conceal and launder funds, two counts each of laundering money through false statements and two counts related to wire fraud.
He pleaded guilty to one count of conspiracy in January, after a jury found him guilty on five counts of wire fraud, including the scheme to leselect a US government account for more than $6m in bitcoin.
He told investigators that he bought bitcoin from a bitcoin broker, Coinbase, in 2014 to “sell it to other people to fund their bitcoin trading ventures”.
“I could not make any profit on the transaction.
There was no cash in the account,” he told investigators, according to prosecutors.”
I have no way to hide my bitcoin.”‘
We’ve been there’: US government’s response to bitcoin crackdownSierra Trading Post, which T.
Lee set up, was established in 2015 to trade in the cryptocurrency.
According to court documents, T.
Lees account was used to lasso over $7m from two US government accounts.
The accounts, which were used by the federal government, US Fish and Wildlife Service and the US Treasury Department, are all owned by the US Department of the Interior.
Lee used his position at Sierra Trading Post to lather up $6.8m in commissions and fees on behalf of the government, according a court filing.
Prosecutors say he used the accounts to laze around for bitcoin trading profits in exchange for a portion of those commissions.
“Mr Lee used his positions to litecoin, launder, and laundered his commission payments,” prosecutors wrote in their court filing, according, to The Hill.
“He laundered these commission payments to the accounts of various government officials.
He also used the commission payments for personal expenses, such as purchasing goods, food, clothing, and travel expenses.”
The indictment was released ahead of Lee’s sentencing on Monday.
Prosecutors allege that Lee was the head of Sierra Trading post for two years, from March to June 2019.
In addition to the five-year sentence, Lee was ordered to pay restitution of $2.5m and to pay $500,000 in restitution.
“These charges demonstrate the seriousness of these crimes and the systemic failure of the Department of Justice to properly investigate and prosecute these crimes,” US Attorney for the Northern District of Texas Catherine Lhamon said in a statement.
“The Department of Treasury must hold its accountable for the illegal conduct of this trader.
We will hold them accountable to protect the citizens of Texas and the rest of the country.”‘
I can no longer function’: ‘I don’t even know what to say’The US attorney’s office in Texas said that while Lee was a “highly successful” cryptocurrency trader, he was “not a very good trader”.
“He had a very, very bad record and a very bad reputation,” the attorney’s statement said.
“His ability to function at Sierra trading post was greatly limited and he was very, extremely remorseful of his actions.”
The statement also said the government was “very concerned” about the safety of US citizens in cryptocurrency trading.
“In the face of the increased awareness of the dangers of digital currency and the ongoing regulatory environment, we are deeply concerned about the increased risk that these trades pose to the safety and security of our citizens,” the statement said, according the Hill.
‘I’ve got nothing to lose’: ‘This is the only way to get out of here’The prosecution against T. Lees alleged that he used Sierra Trading to lave his commissions on behalf on a variety of government accounts, including those of the US Fish & Wildlife Service, the US Forest Service and US Treasury.
Lee also laundered the commission he received from Sierra Trading posting on his behalf,” prosecutors said in their indictment.
“His conduct was so egregious that it placed the United States in violation of federal criminal law and state securities laws.”‘
My mind is a mess’: ‘You have no business running a trading platform’Mr Lee told investigators he thought he was making money, the prosecutors said.
However, TLC’s founder, David Gantt, told the court that he did not know how much money T.LEES made from Sierra trading posts.
“My mind and my emotions have been clouded and my heart has been hurt,” Mr Gantts statement said in court.
“For some time, my wife and I have been considering and attempting to resolve the situation so that I could get on with my life.”‘
This is a life sentence’: ‘No reason to leave’In an interview with the ABC, Mr Gants wife, Jennifer, said that the case against TLC had been an ordeal.
“You can’t go to jail for this,” she said. “I