$470M Crypto Laundering Scheme Ends With 8-Year Sentence; Report

TLDR

• Maximilien de Hoop Cartier was sentenced to eight years in prison.
• Prosecutors said his OTC crypto exchange laundered over $470 million.
• Cartier pleaded guilty to unlicensed money transmission and bank fraud conspiracy.
• Shell companies and U.S. bank accounts were used in the scheme.
• The court ordered $2.36 million in forfeiture.

A U.S. court has sentenced Maximilien de Hoop Cartier to eight years in prison for operating an unlicensed over-the-counter cryptocurrency exchange that prosecutors said helped launder more than $470 million in illicit funds.

Cartier, a descendant of the Cartier luxury jewelry family, pleaded guilty in October 2025 to operating an unlicensed money transmitting business and conspiracy to commit bank fraud. He was sentenced by U.S. District Judge Mary Kay Vyskocil.

Unlicensed Crypto Exchange Moved Illicit Funds

Prosecutors said Cartier ran an unlicensed OTC cryptocurrency exchange from at least 2018 until his arrest. The operation allowed clients to convert cryptocurrency into hard currency through a network of shell companies.

The exchange was used to move criminal proceeds, including drug trafficking funds, through U.S. financial institutions and into Colombia. Prosecutors said Cartier knew the business served criminal clients but did not register as a money transmitting business.

The laundering process involved receiving drug money in cryptocurrency, converting it to cash, depositing the funds into shell company accounts, and moving the money through additional accounts to hide its origin.

Shell Companies and Forged Records Used

Cartier created and controlled multiple U.S.-based shell companies and opened more than a dozen bank accounts. Prosecutors said he told banks the companies worked in software publishing and software development.

Those descriptions were false, according to court filings. The companies were used to receive, convert, and transmit illicit funds.

Cartier also used forged contracts, invoices, and business records to make transactions appear legitimate. Prosecutors said these documents helped conceal the source of funds and mislead banks about the purpose of the accounts.

In a separate 2021 investigation, authorities seized about $937,000 from shell company accounts linked to drug proceeds. Cartier later admitted he had misrepresented his business to banks and had operated as an unlicensed money remitter.

Court Orders Forfeiture of Commissions

In addition to the prison sentence, Cartier was ordered to forfeit $2.36 million. Prosecutors said the amount represented commissions he kept for converting cryptocurrency into hard currency through the network.

The court also ordered forfeiture of certain bank accounts held by shell companies used in the scheme.

Federal officials said the case shows continued enforcement focus on crypto-linked money laundering, unlicensed money transmission, and the use of shell companies to move illicit funds through the banking system.

The sentence adds to a series of U.S. crypto enforcement cases involving over-the-counter trading networks, false business records, and cross-border laundering activity.

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