Liberty Reserve CTO Pleads Guilty to Money Laundering Charges

  • 15 September 2014
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By Brian Prince on September 15, 2014
 

The former chief technology officer of one of the world's most popular digital currency services has pleaded guilty to money laundering charges in federal court.
 Mark Marmilev, 35, of Brooklyn, former CTO of Liberty Reserve, pleaded guilty in front of U.S. District Judge Denise L. Cote in New York last week on charges that he helped launder billions in suspected criminal proceeds.
 
"Marmilev designed and maintained a massive criminal infrastructure in cyberspace for one of the world’s most widely used digital currency systems, which laundered billions in criminal proceeds," said Assistant Attorney General Leslie R. Caldwell, in a statement. "This is the third conviction in the largest international money laundering case ever brought by the department, and we will continue to ensure that virtual currencies are not misused to facilitate criminals hiding from the U.S. justice system."
 
According to allegations in the indictment and statements made in related court proceedings, Liberty Reserve was incorporated in Costa Rica in 2006. It was created, structured and operated to help users conduct illegal transactions anonymously and launder the proceeds of their crimes and emerged as one of the principal money transfer agents used by cybercriminals around the world to distribute, store, and launder their profits, according to authorities.
 
SecurityWeek/full article here/ http://www.securityweek.com/liberty-reserve-cto-pleads-guilty-money-laundering-charges

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