US Attorney’s Office in Guam and CNMI Cracks Down on Cryptocurrency Fraud in the Northern Marianas Islands

The US Attorney’s Office for Guam and the Northern Mariana Islands issued a warning to the public about the risks of financial crimes involving cryptocurrency in the region. The office recently secured the conviction of Julien Abat Weymouth, a Dededo man who was sentenced to 30 months in federal prison for operating an unlawful money-transmitting business.

Weymouth’s Unlawful Business

From January 2020 to April 2021, Weymouth, 32, engaged in the exchange and transfer of cryptocurrency, primarily bitcoin, soliciting cash and cryptocurrency from clients on Guam, and transmitting the bitcoin to a conspirator, William Ichioka, located outside of Guam. Ichioka was operating a fraudulent investment scheme called Ichioka Ventures and was prosecuted separately in the Northern District of California.

• Weymouth solicited investments from clients and guaranteed a percentage return on their investment
• He kept any excess returns as his fee
• Weymouth solicited and accepted funds and cryptocurrency from individuals involved in illegal activities
• He failed to register with FinCEN and failed to comply with federal regulations governing money transmitters

Consequences of the Scheme

During the time of his scheme, Weymouth transmitted funds and cryptocurrency worth approximately $5.5 million. He also forfeited over 200 bitcoin with a present value of over $8 million, six vehicles, and $127,000 in a PenFed bank account as part of his plea agreement.

Law Enforcement’s Response

Benjamin K. Petersburg, the US prosecutor, acknowledged the hard work and dedication of the Guam Police Department and the US Attorney’s Office in ensuring a successful outcome in the complex investigation. Neal de Paz, Resident Agent in Charge of the U.S. Secret Service Guam Resident Office, appreciated the collaboration with federal law enforcement partners.

“We appreciate federal law enforcement partners whose hard work and dedication ensured a successful outcome in this complex investigation.” - Neal de Paz, Resident Agent in Charge, U.S. Secret Service Guam Resident Office

Reporting Cryptocurrency Fraud

Anyone who has been a victim of cryptocurrency fraud or suspects any illegal activities related to cryptocurrencies should report it to the US Secret Service Guam Resident Office or the Guam Police Department.