US charges businessman with operating unlicensed cryptocurrency and fiat currency exchange business

Cointime2024/10/26 06:33

By: Cointime

Christopher James Scanlon, a businessman from Florida, is facing federal charges for allegedly operating unlicensed cryptocurrency and fiat currency exchange businesses. Scanlon, who is from Utah, was arrested on October 10 at Miami International Airport and pleaded not guilty in Newark federal court.

According to the indictment, Christopher James Scanlon, CEO of Aurae Lifestyle and Club Swan, managed entities such as PMA Media Group and AU Card LLC, which provide cryptocurrency and traditional financial services. Prosecutors allege that these businesses never registered with FinCEN as money transmitters as required by federal law.

The US Department of Justice noted that conspiracy charges carry a maximum sentence of five years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense, whichever is greater.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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US charges businessman with operating unlicensed cryptocurrency and fiat currency exchange business

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