Klein, 37, of Nixa, waived his right to a grand jury and pleaded guilty before U. Magistrate Judge David P. Rush money transmitter bitcoin a federal information that charges him with conducting an unlicensed and unregistered money transmitting business. Klein was the founder of two technology-based companies: Logic Forte and Datality Networks. Logic Forte purportedly provided consulting and computer programming assistance for the restaurant industry.
Datality Networks purportedly provided Internet housing and network consulting. AITP is a professional association focused on technology education for business professionals. By pleading guilty today, Klein admitted that he represented himself on the Internet to be a bitcoin exchanger. However, Klein was not money transmitter bitcoin licensed money transmitter with the state of Missouri or with the Financial Crimes Enforcement Network, as required by federal and state law.
An undercover federal agent responded to an online advertisement posted by Klein. Under federal statutes, Klein is subject to a sentence of up to five years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors.
A sentencing hearing will be scheduled money transmitter bitcoin the completion of a presentence investigation by the United States Probation Office. Bitcoin are not illegal in and of themselves and have legitimate uses. Bitcoin are a decentralized form of electronic currency, existing entirely on the Money transmitter bitcoin and not in any physical form.
Bitcoin money transmitter bitcoin are processed collectively by the software-enabled computers composing the network. Exchangers also accept payments of bitcoin money transmitter bitcoin exchange the bitcoin back for conventional currency, again, charging a commission for the service. Once a bitcoin user funds his wallet, the user can then use bitcoin in the wallet to conduct financial transactions over the Internet by transferring bitcoin from his bitcoin address to the bitcoin address of another user.
This case is being prosecuted by Money transmitter bitcoin U. You are here U. Tuesday, May 2, Bitcoin Background Bitcoin are not illegal in and of themselves and have legitimate uses.
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