FBI busts $8.3 million cryptocurrency fraud case, Maryland man sentenced to 3 years in prison to repay $2.3 million

2024-12-06 13:37:03

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ChainCatcher news, Maryland Heights man Richard Charles Appelbaum III has been sentenced to three years in prison for laundering millions of dollars through cryptocurrency and ordered to pay restitution of $2.3 million.

The 40-year-old Appelbaum conspired with others to transfer the proceeds of business email compromise (BEC) and romance fraud schemes into cryptocurrency through Coins2trade. Under the alleged recruitment of a cryptocurrency figure known as "E.S.," he received training to open fraudulent business and personal accounts, concealing the connection of these accounts to cryptocurrency. More than 36 victims were defrauded, and Appelbaum laundered $3.5 million, transferring the funds to different accounts to obscure their source. The investigation led by the FBI uncovered 34 wire transfers totaling $8.3 million related to the fraud.

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