March 31, 2025 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Santa Monica Man Sentenced for Multi-Million Dollar Crypto Scheme

From 2017 to 2021, He Operated a VirtuL-Currency Money Services Business Known as Digital Coin Strategies LLC

A 33-year-old Santa Monica man, Charles James Randol, was sentenced to four months in prison for helping launder millions through a cryptocurrency exchange. 

In September, Randol agreed to plead guilty to a federal charge for allowing his cryptocurrency-cash exchange company to aid scammers and drug traffickers in laundering millions of dollars in criminal proceeds.

Randol’s plea agreement involves admitting guilt to a single-count information for failure to maintain an effective anti-money laundering (AML) program. Both the information and plea agreement were filed in United States District Court in downtown Los Angeles

According to the plea agreement, from October 2017 to July 2021, Randol operated a virtual-currency money services business known as Digital Coin Strategies LLC, offering cryptocurrency-cash exchange services. 

He engaged in various methods, including in-person transactions, automated kiosks in multiple counties, and Bitcoin-for-cash transactions for unknown individuals who mailed substantial amounts of U.S. currency. 

Randol advertised falsely on his company website, claiming compliance with AML regulations, while, in reality, he repeatedly violated federal law and his own AML policies by facilitating suspicious currency exchange transactions and concealing them from law enforcement.

He engaged in in-person cash transactions exceeding $10,000 with anonymous individuals, violating AML policies. He exchanged $273,940 in cash for Bitcoin without proper identification, contravening regulations.

Additionally, Randol facilitated Bitcoin-for-cash transactions after receiving large cash shipments from anonymous senders via mail. He conducted these transactions without due diligence on the source of funds, often receiving suspiciously packaged cash hidden inside various items. Despite a brief hiatus due to law enforcement scrutiny, Randol resumed this activity, contributing to the laundering of fraud proceeds.

Furthermore, Randol’s deficient AML practices allowed criminals to structure and launder funds through Bitcoin kiosks he operated in various locations. He set up “test” accounts against compliance advice, enabling customers to avoid currency reporting requirements.

Randol’s failure to comply with AML requirements resulted in his business laundering funds from a New Jersey victim deceived into sending money for a fictitious legal issue. Despite hiring a compliance officer, Randol continued risky practices, leading to an investigation by the FBI, Homeland Security Investigations, Federal Deposit Insurance Corporation Office of Inspector General, and the United States Postal Inspection Service.

in Hard, News
Related Posts

Debris Removal Deadline Extended, Eligibility Expanded for Condos and Multi-Family Homes

March 31, 2025

March 31, 2025

Officials continue to push for eligibility expansion to include nonprofit organizations, houses of worship, mobile home parks, and additional multi-family...

Palisades Youth Soccer Team Fundraises to Compete in Sweden Tournament

March 31, 2025

March 31, 2025

The team is raising funds through GoFundMe, with donations aimed at covering travel costs, accommodations, and fees A youth soccer...

Seven-Bedroom Venice Pad on Shell Ave. Hits Market at Under $7M

March 31, 2025

March 31, 2025

The home sits on a 5,740-square-foot lot and includes a two-car garage A newly listed property in Venice, featuring modern...

School of Rock Students Shine in Winter Performance Despite Widespread Fires

March 31, 2025

March 31, 2025

Summer Camp Registration Opens Now By Susan Payne Wildfire devastation wreaked havoc in areas of Los Angeles this January with...

City Approves Redevelopment Deal for Civic Auditorium

March 31, 2025

March 31, 2025

Officials said the next phase of the process includes site analyses to assess redevelopment viability The Santa Monica City Council...

Venice Shorts: Car Flips Over on Abbot Kinney Boulevard

March 30, 2025

March 30, 2025

Saturday afternoon accident a scary sight By Nick Antonicello  A car flipped over Saturday afternoon at the intersection of Garfield...

LAPD Cadets to Host E-Waste Donation Drive in Pacific Area

March 28, 2025

March 28, 2025

Donations of items such as smartphones, televisions, laptops, monitors, printers, and tablets will be accepted The Pacific Area Boosters Association...

THIS WEEKEND: Palisades High to Host Benefit to Support Displaced Students

March 28, 2025

March 28, 2025

The evening aims to bring the Pali High community together while raising funds through sponsorships, donations, and an ongoing online...

March Madness Celebration Coming to Santa Monica Pier

March 28, 2025

March 28, 2025

The celebration will culminate in an evening viewing party at Patio 66, where fans can watch the games while enjoying...

ARCANE Space to Debut “11th Place” Exhibit by Dominick Vanderlip

March 28, 2025

March 28, 2025

Vanderlip’s work explores themes of rebellion, survival, and introspection ARCANE Space will host 11th Place, a solo exhibition by artist...

Cinque Terre West Reopens in Venice After Palisades Closure

March 27, 2025

March 27, 2025

The Vinzonis have now joined The Colony, a food hall in Venice, to continue serving their signature dishes Nine months...

Marina del Rey Anglers Release Thousands of Juvenile White Seabass to Boost Local Fisheries

March 26, 2025

March 26, 2025

Since its founding in 1975, MDRA has released approximately 136,000 white seabass into local waters The Marina del Rey Anglers...

Pavilions Motel Ordered to Close After Public Nuisance Ruling

March 26, 2025

March 26, 2025

The ruling means the motel must shut down and cannot reopen under the current ownership for at least one year...

Venice Shorts: Hinano Cafe’s Renovated Outdoor Seating Under Construction

March 26, 2025

March 26, 2025

Burger & Beer Bar Gets a Makeover By Nick Antonicello  Hinano Cafe, the popular beach bar famous for their burgers,...

Hundreds March in Santa Monica to Advocate for Immigrant Rights

March 26, 2025

March 26, 2025

The march took place amid growing tensions over immigration policy at the national level Several hundred demonstrators marched through the...