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Canadian Crypto Money Launderer Jailed for 3.5 Years
Firoz Patel, a 50-year-old businessman from Montreal, Canada, has been sentenced to 41 months in federal prison for obstructing justice by concealing and laundering 450 bitcoins.
Patel pleaded guilty to one count of obstruction of an official proceeding on September 17, 2024, following his earlier conviction in 2020 for operating an unlicensed money-transmitting business and committing money laundering.
The charges stem from Patel’s failure to disclose the 450 bitcoins he had concealed during his initial sentencing. This omission constituted obstruction of an official proceeding, as it hindered the court’s ability to accurately assess his financial situation.
In his plea agreement, Patel acknowledged concealing and laundering the Bitcoin, which has a current valuation over $43 million. His actions were deemed severe enough to warrant a significant prison sentence.
On February 6, 2025, U.S. District Court Judge Dabney L. Friedrich sentenced Patel to 41 months in federal prison, followed by three years of supervised release. He was also ordered to forfeit the laundered bitcoins, although it remains unclear how this will be executed, given that he had already laundered them.
U.S. Attorney Edward R. Martin Jr. emphasized the gravity of Patel’s actions, stating that this case underscores the commitment of the justice system to hold individuals accountable for obstructing judicial proceedings and attempting to launder significant assets.
Source: fullycrypto.com
