Friday 24 September 2021

Costa Rica Based Liberty Reserve Owner Sentenced To 20 Years Prison In U.S.

Paying the bills

Latest

Legislators to begin discussion on reducing the 2022 Marchamo this Monday

QCOSTARICA - The political fractions, except that of the...

No National Census in 2022!

QCOSTARICA - The Instituto Nacional de Estadística y Censos...

Seven drivers a day go to the Prosecutor’s Office for driving drunk

QCOSTARICA - Every day, seven drunk drivers are referred...

Costa Rica has the lowest inflation in the region

QCOSTARICA - Costa Rica registered the lowest inflation in...

11 benefits of e-learning

Whether you struggle to learn in a traditional educational...

Will Paul Chaplet ever fly the flag for Costa Rica on the PGA Tour?

Life comes at you fast when you’re a teen...

What Are the Best Costa Rican Players in the MX League?

The Primera División de México, better known as Liga...
Paying the bills

Share

1462577241521QCOSTARICA – The co-founder and owner of Costa Rica based Liberty Reserve, Arthur Budovsky, was sentenced Friday in New York, to 20 years in prison.

Budovsky’s Liberty Reserve operated an alternative digital currency that allegedly laundered billions of dollars for cyber criminals around the world distribute, store and launder the proceeds of illegal activity.

Budovsky faced a life term before pleading guilty just days before a trial, striking a deal in which both his lawyers and the government agreed to cap his sentence at 20 years.

- Advertisement -

He was also ordered to pay a US$500,000 dollars fine by US District Judge Denise L Cote, who noted that Budovsky did not express any “genuine remorse”.

“The significant sentence handed down today shows that money laundering through the use of virtual currencies is still money laundering, and that online crime is still crime,” U.S. Assistant Attorney General Leslie R Caldwell for the Justice Department’s Criminal Division said in a statement.

“Liberty Reserve founder Arthur Budovsky ran a digital currency empire built expressly to facilitate money laundering on a massive scale for criminals around the globe,” U.S. Attorney Preet Bharara for the Southern District of New York was quoted as saying.

The Costa Rica based company was a “financial hub” for Ponzi scheme operators, credit card traffickers, identity thieves, hackers and other criminals, authorities said.

The system became operational in 2005. By the time it was shut down in 2013, Liberty Reserve had more than 5.5 million user accounts, including more than 600,000 in the United States, the US Department of Justice said.

Overall, it had processed more than 78 million financial transactions with a combined value of more than US$8 billion dollars.

- Advertisement -

Budovsky, who was arrested in Spain in May 2013, had renounced his US citizenship and acquired Costa Rica nationality in an apparent bid to avoid prosecution.

As part of his plea agreement, Budovsky admitted to laundering between US$250 million and US$550 million in criminal proceeds linked to US-based Liberty Reserve accounts.

Six other people with ties to Liberty Reserve face charges in the case that involved police and investigators from 17 countries.

Co-defendants Maxim Chukharev and Mark Marmilev, who also pleaded guilty, were sentenced to three and five years respectively.

- Advertisement -

Two others are set to be sentenced on May 13, while another two remain at large.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Flaws in Bukele’s digital wallet ruin bitcoin debut in El Salvador

Q24N - The Bitcoin debut in El Salvador as an official...

TSE rules out political party donations in cryptocurrencies

QCOSTARICA - The Tribunal Supremo de Elecciones (TSE) - Supreme Elections...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.