Two Culprits Charged For Shadow Banking Crypto Companies By New York District Attorney

by | May 1, 2019 | Cryptocurrency, Cryptocurrency News

Fraud | Money Laundering | New York State Attorney | Banking

The Southern District of New York Attorney, Geoffrey S. Berman charges Reginald Fowler, an Arizona man, and Ravid Yosef, an Israeli woman for shadow banking cryptocurrency companies, as per an official announcement published on April 30.

While Fowler was allegedly operating unlicensed money transferring business and bank fraud. His purported co-conspirator, Yosef, charged with bank fraud, however, she is still at large, as per the announcement.

In 2018, the accused allegedly worked for several associated companies that provided fiat currency banking services to cryptocurrency exchanges. During which Fowler made numerous misleading statements to banks in a bid to open bank accounts that were further utilized to receive deposits from individuals purchasing digital currency. The duo purportedly falsified electronic wire payment instructions to cover up the true nature of their business.

Berman stated in the statement:

“Their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes, and did so through lies and deceit.”

In April, Cyrus R. Vance, Jr., a Manhattan district attorney,  indicted a group of individuals with allegedly operated stores on the dark web that sold and shipped “hundreds of thousands” of tablets of counterfeit drugs and laundered millions of dollars with bitcoin (BTC). Reportedly, the individuals withdrew more than $1 million.

Read more: Tether Only Has 74% Backing by Fiat Currency States Lawyers

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