Title: “Guam Resident Julien Abat Weymouth Sentenced for Operating Unlawful Cryptocurrency Money Transmitting Business”

Guam Resident Sentenced for Unlawful Cryptocurrency Business

HAGATNA, GUAM - U.S. Attorney Shawn N. Anderson announced the sentencing of Julien Abat Weymouth, a 32-year-old Dededo, Guam resident, for operating an unlawful money transmitting business involving cryptocurrencies in Guam and the Northern Mariana Islands. Weymouth was sentenced to 30 months in prison, three years of supervised release following imprisonment, and a mandatory $100 special assessment fee.

Criminal Activities from January 2020 to April 2021

From January 2020 to April 2021, Weymouth ran an unregistered and unlicensed money transmitting business where he exchanged and transferred Bitcoin, engaging over $5.5 million worth of funds and cryptocurrency transactions. Weymouth solicited cash and cryptocurrency from clients both within and outside Guam, promising them a percentage return on their alleged investment. The Bitcoin was transmitted to a third-party, William Ichioka, located outside of Guam, under the guise of investment purposes.

Ichioka’s Fraudulent Investment Scheme

Ichioka, who operated a fraudulent investment scheme called Ichioka Ventures, was prosecuted separately in the Northern District of California. Weymouth kept any excess return over the guaranteed rate as his fee and failed to comply with Federal regulations governing money transmitters or register with FinCEN (Financial Crimes Enforcement Network).

Proceeds of the Scheme

During his scheme, Weymouth transmitted funds and cryptocurrency totaling approximately $5,517,323.48. He used the generated profits to reinvest in various cryptocurrencies, bank accounts, vehicles, and other assets.

Agreement and Forfeiture

As part of his plea agreement, Weymouth agreed to forfeit over 200 Bitcoin, valued over $8 million at the time, six vehicles, and $127,000 held in a PenFed bank account.

U.S. Attorney’s Statement

“Cryptocurrencies are commonly used to facilitate fraudulent activities,” said U.S. Attorney Anderson. “These financial assets do not provide anonymity as criminals believe. Our office will remain vigilant in pursuing unlicensed money transmitting, money laundering, and other unlawful transactions associated with cryptocurrency.”

U.S. Secret Service Statement

Resident Agent in Charge Neal de Paz of U.S. Secret Service Guam Resident Office stated, “U.S. Secret Service Guam Resident Office is dedicated to protecting our nation’s citizens within the Districts of Guam and the Northern Mariana Islands. We appreciate our federal law enforcement partners, the United States Attorney’s Office, and the Guam Police Department, whose hard work and dedication led to a successful conclusion in this complex investigation.”

Investigation and Prosecution

This case was investigated by the U.S. Secret Service and prosecuted by Assistant U.S. Attorney Benjamin K. Petersburg in the District of Guam.