A Danvers resident, Trung Nguyen, was sentenced to six years in prison by a federal court in Boston for his involvement in money laundering and operating an unlicensed money transmitting business. The court also ordered Nguyen to forfeit over $1.5 million. This sentence follows his conviction in November 2024 on charges of conducting an unlicensed money transmitting business and concealment money laundering.
Nguyen, also known as "DCS420," managed National Vending, LLC from September 2017 to October 2020. His business converted cash into Bitcoin without adhering to federal regulations. Exchangers of virtual currency are considered money transmitters under U.S. law and must comply with anti-money laundering (AML) regulations, which include registering with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Nguyen did not register National Vending with FinCEN despite legal requirements. In 2018, he accepted $250,000 from an individual who claimed to be a methamphetamine dealer and failed to file necessary reports on these transactions. From 2019 to 2020, Nguyen also received substantial sums from victims of romance scams across the United States.
To disguise his activities, Nguyen presented National Vending as a vending machine business and used encrypted communication methods with customers. He enrolled in courses designed to help him conceal his operations further.
The announcement was made by United States Attorney Leah B. Foley along with other officials from Homeland Security Investigations New England, the IRS Criminal Investigation Boston Field Office, and the U.S. Postal Inspection Service’s Boston Division. Assistant U.S. Attorneys Seth B. Kosto and Benjamin A. Saltzman prosecuted the case.
