LocalBitcoins Trader ‘Bitcoin Maven’ Sentenced to Prison for Money Laundering

  • LocalBitcoins trader Theresa Lynn Tetley, better known as the “Bitcoin Maven,” has been sentenced to 12 months and a day in prison, a $20,000 fine, and three years supervision after release for laundering bitcoin as proceeds of narcotics sales and for her role in running an illegal bitcoin-for-cash exchange, according to the U.S. Attorney’s Office for the Central District of California. She was also ordered to give up the proceeds of her illegal activity, including $292,264 in cash, 25 gold bars, and 40 bitcoins.

    U.S. District Judge Manuel Real sentenced the 50-year-old Tetley, a one-time real estate investor and stockbroker, for engaging in illegal bitcoin transactions. Tetley pleaded guilty to one count of money laundering and one count of operating a money transmitting business that was unlicensed. The case was the Central District of California’s first such case.

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