A New Jersey man is facing some serious time behind bars after being convicted of running a drug trafficking and money laundering operation that had a little crypto twist.
William Panzera was found guilty by a federal jury on January 27. He could be looking at a minimum of ten years in prison.
Breaking bad?
Prosecutors say Panzera and his crew had been importing and distributing fentanyl-related substances for six years.
They were bringing in synthetic opioids from China and selling them all over New Jersey, sometimes disguised as fake pharmaceutical pills.
Now, how did they fund this operation? You guessed it, lots of money moving around through wire transfers and cryptocurrency.
We’re talking hundreds of thousands of dollars that eventually made their way to overseas suppliers who were more than happy to keep the drug trade rolling.
Cooperation between agencies
The investigation was no small feat, as it was spearheaded by the Newark division of Homeland Security Investigations, with backup from the FBI, IRS, and U.S. Customs. It takes a village to crack down on these kinds of operations, it seems.
Panzera’s sentencing is set for June 25, and let’s just say he’s got a lot to worry about.
Besides the ten-year minimum for drug trafficking, he could also be slapped with an additional 20 years for money laundering.
Money talks
Also, Panzera’s case highlights a growing trend, the connection between cryptocurrency and organized crime.
While good old cash is still king for many criminals, digital currencies are becoming increasingly popular due to their nature and international reach.
Just recently, two Russian guys were indicted for running a crypto-based money laundering service that allegedly helped transfer nearly $800 million linked to cybercriminals.
And let’s not forget about the father-son duo sentenced earlier this year for using Bitcoin to launder drug money.
