Police caught Bitcoin from 2018 amounting to $19 million
The US sold approximately 500 in bitcoin seized in 2018 for around $19.2 million. This is the largest net forfeiture in the Northern District of Ohio’s history.
Federal authorities from the US state of Ohio sold bitcoins caught in 2018 in a fraud case.
The Bitcoins were on sale for approximately $19.3 million, the acting US Attorney Bridget M. Brennan revealed last Thursday. The coins seized during the investigation initially values at nearly $2.88 million. The was allegedly the largest net forfeiture in the Northern District of Ohio’s history. The authorities didn’t say how the coins were on sale, and to whom.
What is the case all about?
The case involved a 37-year-old man from Toledo-area, Mark Alex Simon. He made false identification documents for the residents of Ohio, Michigan, and Utah. The documents were driver’s licenses and personal identification cards. Then, he receives Bitcoin for each service.
Simon has pleaded guilty to conspiracy to launder money and the transfer of false identification documents June of 2019. He received sentence to prison for two years.
Before this case, Simon had already been under investigation by the police in 2008 for creating fake identifications. It seems like he was never charged for it.
The case goes on!
In 2015, the authorities traced some fake identification cards found at a bar near Wittenberg University back to a website that Simon created. Court documents elaborate that after months of investigation, the police have been able to link the fake cards to Simon and the other individuals that work for him.
After that, the authorities raided Simon’s house in Toledo, together with the houses of those connected to the case. They caught over 500 Bitcoins from Simon through forfeiture proceedings.
In cases of forfeiture, the proceeds are shared between the federal agencies and local police departments that are involved in the investigation. It is also used to compensate any crime victims. The remaining money will be returned to the US Treasury.
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