A man in Montana was convicted of laundering over $2.4 million using cryptocurrency

ChainCatcher News, the U.S. Department of Justice announced that a Montana man has been convicted of cryptocurrency money laundering. After three days of trial, 73-year-old Randall V. Rule (formerly of Kalispell, Montana) was found guilty on all counts by the jury.

On November 16, 2022, a federal grand jury indictment charged Randall V. Rule and former Irmo, South Carolina resident Gregory C. Nysewander with conspiracy to launder money, money laundering, and conspiracy to violate the Bank Secrecy Act.

According to the indictment, Rule and Nysewander conspired with others to launder the proceeds of telemarketing and mail fraud through cryptocurrency. The defendants converted funds into cryptocurrency and sent the cryptocurrency to accounts controlled by domestic and foreign co-conspirators. The defendants made false statements and concealed material facts to avoid detection of the fraudulent nature of the deposits, wire transfers, and transactions. The defendants also made false statements and concealed material facts when filling out account opening documents and communicating with financial institutions and cryptocurrency exchanges.