A judge has sentenced Florida LocalBitcoins user Pascal Reid to serves 90 days in jail in a ruling that closes a high-profile legal case dating back to February 2014.
Originally charged with operating an unauthorized money transmission business and with money laundering, Reid plead guilty to a single count of operating as an unlicensed money transmitter. Reid will receive five years probation and must provide informational assistance to law enforcement and financial entities about bitcoin and digital currencies.
As part of the deal, Reid has been tasked with completing “no less than 20 trainings” on digital currency and cybercrime, to be organized by Detective Ricardo Arias of the City of Miami Beach Police Department.
Reid is also required to make himself available to the Miami Beach Police Department, the US Secret Service and the Miami Electronic Crimes Task Force as needed for the development of the sessions.
Attorney Ron Lowy, of Miami-based law firm Lowy and Cook PA, told CoinDesk that he and his client are “very pleased with the outcome”.
Lowy told CoinDesk:
“Pascal [Reid] was facing years in prison. But, I think the government has come to the conclusion that Pascal never intended to do anything dishonest.”