French Citizen Sentenced to 8 Years in Prison for Money Laundering Over $470 Million Through Shell Companies and Crypto Accounts

Gate News message, April 29 — A French-Argentine citizen, Maximilien de Hoop Cartier, has been sentenced to eight years in prison for operating an unlicensed cryptocurrency exchange and laundering over $470 million through shell companies and crypto accounts, according to the U.S. Department of Justice.

Cartier operated an over-the-counter cryptocurrency exchange starting in 2018 and controlled a large network of U.S. shell companies. He deceived banks by falsely claiming his business involved software publishing and development, while actually converting cryptocurrency into hard currency and transferring the funds through the United States to criminal organizations in Colombia and other countries. Cartier admitted to operating an unlicensed money transmission business and misrepresenting his business activities to banks.

After his accounts were seized in 2021, Cartier provided federal agents with forged records, falsely claiming he was applying for a money transmission license, which resulted in partial return of the seized funds. He has been ordered to forfeit approximately $2.36 million in commissions and related shell company accounts.