HAGÅTÑA (The Guam Daily Post) — A man who pleaded guilty to stealing $5.5 million from clients during a scheme that involved exchanging and transferring cryptocurrency will be sentenced in August.
Julien Abat Weymouth is scheduled to be sentenced Aug. 10 in the District Court of Guam for operating an unlawful money transmitting business.
According to court records, Weymouth’s case was made available to the public May 4, but stemmed from a scheme that started in January 2020 and continued until at least April 2021 where Weymouth “was engaged in the operation of an unlawful money transmitting business involving the exchange and transfer of cryptocurrency, primarily bitcoin.”
Weymouth’s plea agreement, which was taken in May 2022, states he solicited cash and cryptocurrency from “clients” or “investors” in and outside of Guam before transmitting it to a third party for “investment purposes.”
Under federal law, to operate as a cryptocurrency exchanger and exchange funds on behalf of others to third parties, Weymouth needed to register his business, which he did not do.
Clients were guaranteed a return on their “investment” by Weymouth. The guaranteed amount was determined by Weymouth, who kept the excess money that was not guaranteed.
In addition, court documents state Weymouth solicited funds from individuals involved in illegal activity.
Within the span of the scheme, Weymouth transmitted funds and cryptocurrency worth approximately $5,517,323.45 which he reinvested into other forms of cryptocurrency, kept in cash or used to purchase vehicles and assets. As a result of entering a guilty plea, Weymouth agreed to forfeit the assets.
The seized assets include about $13 million in currency, mostly in bitcoin, and six different vehicle models manufactured by Honda.
The District Court of Guam is seen May 8, 2023, in Hagåtña.
