Theodore Man acknowledges engaging in a “sophisticated” bitcoin scheme that brought in $210,000.
Alabama’s Mobile (WALA) — A Theodore man who is facing fraud charges and is awaiting sentencing acknowledged on Tuesday that he was the mastermind of an unrelated scheme that involved bitcoin and identities that were taken from the dark web.
Sean White, 29, entered a guilty plea to wire fraud, acknowledging that from December 2020 to roughly March 2022, he profited more than $200,000 from the “sophisticated” scheme.
Although prosecutors have decided to suggest the minimum sentence required by advisory sentencing guidelines, he could spend up to 20 years in prison.
The “Coinbase scam” began with the purchase of stolen identities from dark web marketplaces, according to White’s formal plea deal.
He acknowledged that he opened an account with Coinbase, an online cryptocurrency trading platform, and a bank account for each stolen identity. White-listed banks that permitted clients.
Engaging Meaning in Hindi: Man Acknowledges Engaging in A Sophisticated Bitcoin Scheme that Brought in $210,000.
to take more than $35,000 out of their accounts, per the plea agreement. To trade cryptocurrencies, he would take out cash up to that amount and deposit it into his Coinbase account.
The bank assumed the loss if White lost money on the trades.
According to the plea agreement, he resettled the overdrawn account and syphoned off the profits into other accounts he controlled if he made money on the trades. August 2021 is used as an example in the plea document.
Using the real name, address, date of birth, and Social Security number of a person going by the name G.B., White opened a Coinbase account, a PNC Business bank account, and a PayPal account.
White then overdrew the bank account by $35,000.
and transferred the money to the Coinbase account in G.B.’s name. White used that account to buy cryptocurrency, which he then traded.
The plea agreement indicates that he made money off of the transaction and transferred $1,000 in August 2021 from the Coinbase account to the PayPal account in the same victim’s name.
From there, he transferred that money to his own PayPal account and then to his personal bank account at JP Morgan Chase.
White obtained at least $210,000 in fraudulently obtained proceeds, according to the plea agreement. U.S. District Judge Kristi DuBose set sentencing for March 8, the same date the defendant will be sentenced in a bank fraud case.
He admitted in March that he stole mail as a part of a scheme to steal tens of thousands using forged and counterfeit checks. Please note: This content carries a strict local market embargo.
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