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Alleged Bitcoin dealer living in Rosarito indicted in San Diego on money laundering charges
dealer from Baja California was ordered held without bail Friday in connection with a 31-count indictment charging him with international money laundering and other financial crimes related to his digital-currency transactions.
Jacob Burrell Campos, of Rosarito Beach, was arrested Monday as he tried to enter the U.S. from Mexico through the Otay Mesa Port of Entry.
During a bond hearing Friday in federal court in San Diego, Assistant U.S. Attorney Robert Ciaffa described Burrell as a prolific bitcoin dealer who sold about $750, Bitfinex Fees
The defendant conducted 971 transactions with more than 900 customers, accepting cash in person, through his bank accounts and via MoneyGram, according to prosecutors.
Bitfinex Fees , Burrell was required to register with the U.S. Department of Treasury and comply with all anti-money-laundering requirements, including reporting suspicious cash transactions, Ciaffa told U.S. Magistrate Judge Karen Crawford.
Burrell, however, accepted cash “with no questions asked” and, in return for a 5 percent fee, supplied hundreds of people with an easy way to evade money-laundering laws applicable to all financial institutions, even those dealing in bitcoin, the assistant U.S. attorney alleged.
Burrell's activities “blew a giant hole” through the framework of U.S law by soliciting and introducing into the nation's banking system close to $1 million in unregulated cash, Ciaffa said.
Burrell, charged with 28 counts of money laundering, sent 28 wire transfers totaling over $900,000 from his bank accounts in the U.S. to a bank account in Taiwan in the name of Bitfinex, according to the indictment. The defendant resorted to buying bitcoin through Bitfinex, a Hong Kong cryptocurrency exchange, after his account was closed by a U.S.-based bitcoin exchange for circumventing its identification-verification processes.
The defendant, who was born in San Diego, allegedly conspired with others to smuggle over $1 million in U.S. currency into the U.S. from Mexico in amounts slightly less than $10,000 in order to avoid currency-reporting requirements.
In all, the indictment charges the defendant with operating an illegal money-transmitting business, international money laundering, failing to maintain an anti-money-laundering program and conspiracy to structure monetary transactions.
In ordering Burrell held without bail, the judge found that he posed a substantial risk of flight due to his significant ties to Mexico, citizenship in three countries, Bitfinex Fees , lack of steady employment in the U.S. and alleged disdain for American laws.
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