Peer to peer Crypto currency exchange local bitcoins trader sentenced to 40 years in jail
A bitcoin trader of local bitcoins and PAXFUL pleaded guilty on a bitcoin scam
The US department of Justice alleged the trader of knowingly sold bitcoin to victims of fraudulent schemes conducted by scammers
Last week justice department sent the trader Austin Nedved to jail after boston federal court found him guilty
Austin Nedved was involved in two bitcoin scams that was breaking wire fraud and money laundering act
Justice department describes nedved ran a business of selling digital currency on paxful and local bitcoins targeting vulnerable victims
He used to help trap people using romance scam were victims used to believe they are in love with the scammers
Then scammer use to send them money in form of bitcoin and used to get scammed
In 2017 a scammer pretend as a owner of oil business and succeeded in making a 78 year old fall in love with him
Without ever meeting in person she agreed to marry him and succeeded to trap in the scam
Then the scam told the women his oil company had experienced an accident aboard were people died in the accident and he needed money to settle obligations with the foreign government
He convinced him that if he doesn't pay them money they won't let him leave the country and return to US so he won't be able to marry her
The victim who never brought bitcoin contacted nedved in june 2018. They met on a parking lot in maine and she purchased over $100k in bitcoin with cash
Nedved then transfered the bitcoin to a wallet that was controlled by the scammer
When nedved accepted the money from the 78 year old women he knew she was a victim of a love scam and helped his conspirator
In total nedved and his conspirators sold more than $630,000 worth of bitcoin to the victims where they scammed both cash and bitcoin from both sides
After nedved found guilty on the charges for wire fraud he was sentenced 20 years in prison and another 20 years for money laundering.
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