US Court Sentences New York Man to 51 Months in Bitcoin Laundering Scheme

A federal court sentenced Rochester, New York resident Timothy Wadsworth to 51 months in prison for wire fraud and money laundering schemes involving Bitcoin. U.S. District Judge Frank P. Geraci, Jr. ordered Wadsworth to pay $810,965.19 in restitution and forfeit illicit proceeds. Between March 2020 and September 2021, Wadsworth's schemes caused roughly $2.06 million in actual and intended losses. Prosecutors revealed he processed 116 successful unauthorized Stripe transactions totaling $730,728.22, routed the fiat funds through banks to Coinbase to purchase Bitcoin, and transferred the cryptocurrency to external wallets.