Alberts Speaks to Reuters about Revised U.S. Estimate of Silk Road Sales
Partner Jeffrey Alberts, leader of Pryor Cashman’s White Collar Defense & Investigations Practice, was quoted in the Reuters article entitled, “U.S. sharply reduces Silk Road’s estimated sales volume.”
When Silk Road creator Ross Ulbricht was arrested in October 2013, U.S. authorities stated that the online black market had seen an estimated $1.2 billion in illicit sales since it began. This week, however, at the start of Ulbricht’s criminal trial, prosecutors sharply reduced that figure to $200 million.
“The revision could be good news for Ulbricht, who has admitted creating the site, where users could buy drugs and other illegal goods using the digital currency Bitcoin. Since advisory federal sentencing guidelines for money laundering take into account the size of the scheme, the reduced sales figure would put Ulbricht's offenses into a different category,” said Alberts.
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