Prosecutors: Ontario Man Will Plead Guilty To Money Laundering, Unlicensed Bitcoin Transactions

An Ontario man has pledged to be guilty of federal charges of running an unlicensed business that exchanged tens of millions of dollars in Bitcoin and cash, along with money laundering, prosecutors said. Hugo Sergio Mejia, 49, was indicted Friday, Jan. 29 and closed a plea deal that was also filed Friday, the US prosecutor’s office said in a press release.

From May 2018 to September 2020, Mejia ran a virtual company that exchanged Bitcoin for cash, and vice versa, and charged commissions for these transactions, according to the settlement agreement. Mejia admitted that he never registered his company with the Financial Crimes Enforcement Network, a Treasury Department bureau that fights financial crimes, including money laundering, U.S. Justice Department prosecutors said in the release. During the period, Mejia traded at least $ 13 million under the settlement agreement.

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