A Louisiana man and his son have plead guilty to running an unlicensed bitcoin exchange, the US Department of Justice said today.
According to the Justice Department, Randall Lord and his son, Michael, plead guilty to one count of conspiracy to operate an unlicensed money services business. Further, the Lords allegedly failed to report cash receipts in excess of $10,000.
The elder Lord also plead guilty to a charge of conspiracy to distribute the anti-anxiety medication alprazolam.
The Justice Department said in a statement:
The two face as many as five years in prison for the money services business charge, and Randall Lord could be sentenced to an additional five years on the drug charge. The two could also be sentenced with three years of supervised release and as much as $250,000 in fines.
Sentencing is set to take place in August.
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