Two members of the US Army National Guard have been convicted of working a bank card fraud scheme involving bitcoin.
According to the US Attorney’s Office within the District of Maryland, the 2 people, James Stewart and Vincent Grant, have been indicted for utilizing bitcoins to buy stolen credit score and debit card numbers of people and companies from international web sites. The two have been first prosecuted final yr, as previously reported by CoinDesk.
The defendants have been accused of utilizing magnetic strip re-encoding instruments to use stolen numbers to dummy playing cards, after which they’d purchase merchandise from Army and Air Force Exchange Service shops at US army bases, in addition to different places in Maryland and elsewhere.
The federal jury discovered Stewart responsible on prices of wire fraud, conspiracy to commit wire fraud and aggravated identification theft. Grant was additionally convicted for conspiracy to commit entry gadget fraud and aggravated identification theft.
A complete of 5 Army National Guard members have been arrested and charged.
Of the opposite three within the case, Derrick Shelton and Quentin Stewart beforehand pleaded responsible for committing wire fraud and aggravated identification theft, whereas Jamal Moody pleaded responsible to conspiracy to commit entry gadget fraud and aggravated identification theft.
Shelton and James and Quentin Stewart face a most sentence of 20 years in jail, whereas Grant and Moody are topic to a most seven-and-half yr sentence. A compulsory minimal of two years in jail for aggravated identification theft, on high of another sentence, additionally apply to all 5 concerned.
US Army picture by way of Shutterstock