A Danvers resident, Trung Nguyen, was found guilty after a five-day trial for money laundering and running an unlicensed money transmitting business. His operations involved converting over $1 million in cash into Bitcoin for various clients, including scammers and a drug dealer.
Nguyen, known by the alias “DCS420,” was convicted on charges of conducting an unlicensed money transmitting business and concealment money laundering. However, he was acquitted of another money laundering charge. United States District Judge Richard G. Stearns has scheduled Nguyen’s sentencing for February 12, 2025. The federal grand jury indicted him on May 30, 2023.
Acting U.S. Attorney Joshua S. Levy commented on the case: “Money laundering is the lifeblood of a wide swath of criminal conduct.” He added that Nguyen’s operation facilitated criminals in disguising illegal proceeds as legitimate funds.
HSI New England Special Agent in Charge Michael J. Krol noted that Nguyen deliberately evaded banking regulations to assist criminals: “Our investigation proved that Nguyen knew he was working with criminals by accepting money from victims of scams and a drug dealer.”
Harry Chavis Jr., Special Agent in Charge of IRS Criminal Investigation in Boston, emphasized their commitment to prosecuting those who support criminal activities: “Nguyen operated an unlicensed money service businesses and concealed his financial activity… allowing them to easily and covertly integrate their ill-gotten gains into the mainstream financial system.”
From September 2017 to October 2020, Nguyen owned National Vending, LLC, through which he exchanged cash for Bitcoin without adhering to federal anti-money laundering (AML) regulations or registering with FinCEN as required.
In several transactions during this period, Nguyen accepted large sums from individuals linked to illegal activities but failed to file necessary reports with authorities. To hide his actions, he misrepresented National Vending as a vending machine business and used various methods to obscure his Bitcoin transactions.
The potential penalties for these charges include up to 20 years in prison for money laundering and up to five years for operating an unlicensed business.
The announcement was made by Acting U.S. Attorney Levy; HSI SAC Krol; IRS SAC Chavis; and Ketty Larco Ward from the U.S. Postal Inspection Service’s Boston Division. Assistant U.S. Attorneys Seth B. Kosto and Benjamin A. Saltzman are handling the prosecution.
