Online Underworld Bank Founder to Spend 20 Years in Prison

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Online Underworld Bank Founder to Spend 20 Years in Prison

By Correspondent

The 42 year-old founder of an online underworld bank, Arthur Budovsky, is to spend 20 years in prison. Budovsky’s online underworld bank is alleged to have laundered billions of dollars for criminals. It would be recalled that the convict had pleaded guilty to a one count charge of conspiring to commit money laundering on January 29, three days before the scheduled start of his trial in New York. Judge Denise L. Cote of a US District Court further directed the founder to pay a $500,000 fine for not expressing any genuine remorse. According to Assistant Attorney General Leslie R. Caldwell for the Justice Department’s Criminal Division, “The significant sentence handed down today shows that money laundering through the use of virtual currencies is still money laundering and that online crime is still a crime. “Liberty Reserve founder Arthur Budovsky ran a digital currency empire built expressly to facilitate money laundering on a massive scale for criminals around the globe.”

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