New York Man Sentenced for Bitcoin Money Laundering
A Rochester, New York man has been sentenced to 51 months in prison for using Bitcoin to launder proceeds from a fraud scheme causing over $2 million in intended losses.
Timothy Wadsworth, 35, pleaded guilty to conspiracy to commit wire fraud and money laundering. He was ordered to pay $810,965.19 in restitution and forfeit the same amount.
Between 2020 and 2021, Wadsworth processed unauthorized credit card transactions through Stripe, netting roughly $730,000. He moved the funds through personal bank accounts, purchased Bitcoin via Coinbase, and transferred the crypto to co-conspirators—often in transactions exceeding $10,000.
Wadsworth also fraudulently obtained pandemic relief loans and unemployment benefits, and participated in a romance scam that cost a widowed victim $42,000.
The case was prosecuted by Assistant U.S. Attorney Katelyn M. Hartford.
$BTC
A Rochester, New York man has been sentenced to 51 months in prison for using Bitcoin to launder proceeds from a fraud scheme causing over $2 million in intended losses.
Timothy Wadsworth, 35, pleaded guilty to conspiracy to commit wire fraud and money laundering. He was ordered to pay $810,965.19 in restitution and forfeit the same amount.
Between 2020 and 2021, Wadsworth processed unauthorized credit card transactions through Stripe, netting roughly $730,000. He moved the funds through personal bank accounts, purchased Bitcoin via Coinbase, and transferred the crypto to co-conspirators—often in transactions exceeding $10,000.
Wadsworth also fraudulently obtained pandemic relief loans and unemployment benefits, and participated in a romance scam that cost a widowed victim $42,000.
The case was prosecuted by Assistant U.S. Attorney Katelyn M. Hartford.
$BTC