PANews reported on October 26 that according to News.bitcoin, the U.S. Department of Justice (DOJ) announced that Florida businessman Christopher James Scanlon faces federal charges for allegedly operating an unlicensed cryptocurrency and legal tender acceptance business. Christopher James Scanlon is from Utah and was arrested at Miami International Airport on October 10, and subsequently pleaded not guilty in the Newark federal court.
According to the indictment, Christopher James Scanlon, CEO of Aurae Lifestyle and Club Swan, managed entities such as PMA Media Group and AU Card LLC, which provided cryptocurrency and traditional financial services. Prosecutors allege that these businesses never registered with FinCEN as money transmitters, as required by federal law. From 2015 to 2019, Christopher James Scanlon allegedly processed financial transactions on behalf of high-net-worth clients without regulatory approval, including so-called "off-book" cryptocurrency transactions. The U.S. Department of Justice noted that the conspiracy charge carries a maximum sentence of five years in prison and a fine of up to $250,000, or twice the defendant's financial gain or the victim's financial loss, whichever is greater.
