A Philadelphia-based day trader has been recently accused of using bitcoin to conceal the source of his profits, using over 50 trade accounts.
New charges with multiple offensives have been filed against Joseph Willner for allegedly using the digital currency for false motives, along with computer intrusion and security fraud as well. U.S. Securities and Exchange Commission reportedly accused the 42-year old of a four-count charge including Conspiracy to commit securities fraud and computer intrusion, conspiracy to commit wire fraud, security fraud and conspiracy to commit money laundering, after breaking into the victims’ digital accounts and conducting short sales to get some $2 million in profit, according to Business Insider.
It was alleged that Willner generated about $700,000 in earnings, which was hidden through cryptocurrency and sent to an unnamed partner.
Acting U.S. Attorney Bridget Rhode said in a statement:
“Cybercriminals continue to come up with innovative ways to steal money from victims using the Internet, as in this case where defendant Willner’s co-conspirators allegedly hacked into the victims’ accounts in order to execute fraudulent short sales.”
If convicted, Willner will spend a maximum of 20 years in prison.