A drug syndicate in Colorado is accused of using cryptocurrencies to evade taxes in its drug deals. That is but one of the drug charges that were filed against a Longmont man who is the alleged ringleader. He, along with five others, was recently arrested in Weld County and charged with several felonies.
Federal court documents indicate that their deals stretched across eight other states. The Denver U.S. District Court holds documents that show this national syndicate runs a sophisticated operation that used bitcoin as a currency in its national drug deals. Furthermore, it was revealed that the syndicate operates under the guise of a small medical marijuana grower in Greeley.
With the filing of a forfeiture claim, federal prosecutors seek the authorization of the court to seize assets belonging to the syndicate. Reportedly, these include bitcoin worth almost $280,000 that was found in one of the four homes they want to seize along with cars and storage sheds. Furthermore, they want to appropriate an additional stash of bitcoin, valued at over $900,000, which was allegedly found in safe deposit boxes at a bank.
The alleged ringleader faces charges in two cases, including drug conspiracy, cultivation and distribution of marijuana, as well as tax evasion and money laundering for using cryptocurrencies to avoid discovery. Anyone in Colorado in a similar situation will likely seek the services of an experienced criminal defense attorney. Even if a lawyer cannot prevent a conviction on drug charges, he or she can advocate for the accused individual, aiming for the best possible outcome under the circumstances.
Source: thecannabist.co, “National drug ring disguised as marijuana grow traded cryptocurrency, feds say”, Kirk Mitchell, April 25, 2018
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