The law authorities in the US arrested a fake LocalBitcoin trader for fraud as said by a government press release on May 28. The accused Morgan Rockoons’ notoriety involves illegal money transactions and running a bitcoin-based real estate fraud schemes.

This is not the first time for Rockoons to see a legal accusation. Several years back he was unable to register as a money transmitter with Financial Crimes Enforcement Network. Back then the San Diego law enforcement got him as the biggest volume trader of that region. Rockoons was carrying out a thousand plus trades on the cryptocurrency platform until 2017. He then got arrested. After his bail, he started operating an illegal business. He started a fake business called Bitcointopia, where he offered land(which never existed in the first place) in return for bitcoins.

The law authorities arrested him again in 2018 for scam business and operating an illegal money transmitting business. According to the U.S Attorney’s Office for the Southern District of California, the accused will face jail for 21 months. He also has to forfeit an amount of $80,000(the profit he got from running the business).

The LocalBitcoin Trader case is not something new in the crypto related scams. There are many instances of crypto frauds happening lately such as the one in Brazil where a group of people carried out a heist of $200 million. Another such incident was carried out by a Dutch guy who duped people of 2 million Euros.