A bitcoin entrepreneur who pitched an elaborate vision for a cryptocurrency Utopia in Nevada pleaded guilty to wire fraud in San Diego federal court.
Morgan Rockcoons, shown outside the San Diego federal court building, pleaded guilty to wire fraud and conducting an unlicensed money transmitter business.
Morgan Rockcoons also pleaded guilty on Thursday to conducting an unlicensed money transmitter business, a charge that stems from a bitcoin-for-cash sale with an undercover U.S. Homeland Security Investigations agent.It was Rockcoons’ bitcoin exchange services, openly advertised online, that first drew the attention of federal agents in 2015.
At the end of 2016, the undercover agent posed as a hash oil manufacturer who needed to buy equipment in bitcoin — a currency preferred by criminal organizations because it is hard to trace. Rockcoons admitted in his plea agreement that he transferred about $9,200 in bitcoin to the agent for $14,500 in cash, taking the remainder as a transaction fee.
It was an attractive idea for many bitcoin enthusiasts, and at least 10 investors bought land from him, according to his plea agreement.
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