Man from Miami Beach Apprehended for Unlawful Exchange of Bitcoin for Cash
A web designer from Miami Beach is facing prosecution in the Third District Court for selling bitcoin to Ricardo Arias, an undercover detective. Michell Espinoza, aged 35, was charged with taking part in illegal transmitting and laundering of bitcoin worth $1,500.
Detectives began to pursue Espinoza in 2014 when he was advertising himself as a bitcoin seller through the crypto-exchange site, LocalBitcoins.com. He would ask clients to meet him at a restaurant, bank, mall, or internet café where he would sell the bitcoins and charge a fee for his services.
Just before his arrest, Espinoza went to a coffee shop on Lincoln Road to meet a client, unaware that the client was Detective Arias. He sold bitcoins worth $416.12 at a price of $500, earning him $83.18. A second meeting between the two...