TechFlow news, on November 26, according to official documents, a federal jury in Massachusetts found 36-year-old Alan Joseph of Lancaster guilty on November 22 of illegally operating a cryptocurrency exchange business. Prosecutors accused Joseph of conducting at least four illegal cash-to-Bitcoin transactions between August 2020 and February 2021, including one suspicious transaction involving $25,000.
The court determined that Joseph violated federal law by converting cash—allegedly from counterfeit luxury goods sales—into Bitcoin without registering as a money-transmitting business. Under sentencing guidelines, money laundering carries a maximum penalty of 20 years in prison, while operating an unlicensed money transmitting business carries a maximum of five years in prison, with fines of up to $250,000 per count. Sentencing is scheduled for February 24, 2025.
