June 16, 2024

Sentencing Due for Santa Monica Man in Cryptocurrency Case

A Santa Monica man who used his cryptocurrency cash exchange business to launder millions of dollars in criminal proceeds is set to be sentenced Wednesday on a federal charge.

Charles Randol, 33, pleaded guilty in September to failing to maintain an effective anti-money laundering program, a crime that carries a prison sentence of up to five years, according to the U.S. Attorney’s Office.

From October 2017 to July 2021, Randol owned and operated a virtual-currency money services business known as Digital Coin Strategies LLC. The company offered cryptocurrency cash exchange services for a commission.

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