Cartier Heir Sentenced for $470 Million Crypto Laundering Scheme

A member of the prestigious Cartier jewelry dynasty has been convicted of operating an unlicensed cryptocurrency exchange that laundered over $470 million in illicit funds.

Maximilien de Hoop Cartier, a 58-year-old French resident and Argentine citizen, was sentenced to eight years in federal prison for his role in the scheme. He pleaded guilty in October to operating an unlicensed money-transmitting business and conspiracy to commit bank fraud.

The cryptocurrency exchange, which has been dubbed the 'Cartier Cell,' allowed drug traffickers to convert their cryptocurrency into hard currency through a network of shell companies. These companies, disguised as fake software and tech firms, received and transmitted international drug money, further facilitating the laundering operation.