Frenchman gets 8 years for $470M crypto laundering

A U.S. federal court on April 28, 2026 sentenced Maximilien de Hoop Cartier to eight years in prison. Cartier pleaded guilty in October 2025 to operating an unlicensed money transmitting business and to conspiracy to commit bank fraud. Prosecutors allege his over-the-counter cryptocurrency exchange converted illicit digital assets into cash and moved the proceeds through U.S. banks and shell companies.

Prosecutors contend the network handled more than $470 million in criminal proceeds. Court filings describe the use of corporate bank accounts, forged invoices and contracts to make transfers appear as legitimate business payments. Funds moved through accounts tied to U.S.-based shell companies and were later sent to destinations including Colombia and other overseas locations.

The Department of Justice described the operation as “a large network of U.S.-based shell companies that Cartier operated and controlled for the sole purpose of converting cryptocurrency into hard currency.” Filings show Cartier opened more than a dozen U.S. bank accounts and told banks the entities were software businesses.

The court ordered forfeiture of $2,362,160.62, which prosecutors say represents Cartier’s commissions from converting cryptocurrency into cash, along with certain bank accounts tied to the shell companies. In a prior enforcement action, authorities seized three accounts after roughly $937,000 in suspected drug proceeds were deposited from an undercover account.

Cartier, 58, is a resident of France and a citizen of Argentina. U.S. Attorney Jay Clayton said Cartier exploited his knowledge of U.S. and international financial systems to launder drug money and other crime proceeds and that the prison term sends a message about consequences for those who launder criminal proceeds.

Prosecutors and the Justice Department said enforcement actions and forfeiture orders in the case remain part of ongoing efforts to disrupt similar laundering networks.