Crypto trader heads to Fed Prison – Randall Lord interview

I've only been with Bitcoin since about 2013 2012 2013 somewhere along in there when I first got involved in Bitcoin my son and I were just Bitcoin miners and as we began mining some of the coins and he would sell some of them he finally realized that he could actually make just as much money or more by just buying and selling rather than mining so we kind of got out of the mining business and in about 2013 we got into we're just doing sales you know essentially the way it worked is we would buy bitcoins from either an individual or from one of the large Bitcoin exchanges that exists in the United States and we'd sell to whoever wanted to buy them you know and that went on for a few years until we got a knock on the door when the feds showed up and said hey what's going on and started asking a lot of questions and shortly after that an indictment came where we were accused of all kinds of things and then we ended up in court prior to the knock on the door you had taken steps that you thought were successful in an effort to stay legitimate yeah I believe in June of 2013 the exchange that we were buying our bitcoins from notified us that because of the volume of bitcoins that we were buying from them that we would have to be registered with fencin that's a division of the Treasury Department I think Tinson stands for Financial Crimes enforcement network is what that stands for anyway they told us we needed to register with fencin or register our business with benson and that if our state required a license as a money exert us business we would need to get that as well so at that time I looked up the state statutes regarding money service businesses and I read through it a few times and realized that at the state level what we were doing was completely legal that no license was required and the reason it wasn't required is because we were simply buying and selling bitcoins which is not currency under state law for it to be a currency it has to be issued or generated from a state or government of some type you know like Federal Reserve notes are issued by the Treasury Department because bitcoin is not issued then that way it's not considered a currency so therefore we didn't need a license anyway I looked at the registration issue and I said well okay if that's what I have to do I'll do that it's a rather a long process but it's all done on computer use you know give them a lots of information about your business what you're doing even though I tried to register with fencin back in March or in June of 2013 the Bitcoin exchange company that we were dealing with notified me that they couldn't find my registration number and that was in November of 2013 and so I went and looked and sure enough I couldn't find anything about my registration either so I registered again you know went through the whole process and this time for whatever reason it got saved they sent me a registration number I thought everything's fine so that that registration was the first the federal level yes state level is the license when the federal government calls you an unlicensed money service businesses they can mean both things I didn't find that they meant both things until much later in the process at the what was called the change of plea hearing I pled guilty to being an unlicensed money service business and at that time I was under the impression and so was my attorney because he's the one that advised me of this was that because I didn't have a license I was on license of money service business well so I went ahead and pled guilty and after that you know it bothered me a lot because I knew I had no intent of being an unlicensed money service business I thought I'd complied so I went and read the regulations again and I said I can't be wrong this isn't that obscure you know this even though financial laws can be very complex this seems to be very clear to me so I contacted the Office of Financial Institutions in Baton Rouge that's the agency that regulates money service businesses and I asked him point-blank here's what I'm doing do I have to have a license they said no you're correct you don't have to have a license because bitcoin is not a currency it doesn't meet the it doesn't meet the statute therefore it's not regulated under a license I gave that information to my attorney he immediately wrote up a plea to withdraw my guilty plea we sent it to the court and we waited and we waited and we waited and finally we got an answer from them and he said no we're not going to let you withdraw your plea it would be inconvenient to the court to have to go to trial of this so after that we went through sentencing and the judge was very apparent that he was trying to give us the harshest sentence possible he would add up every single point that he could to make sure we got the maximum prison time and here we are I'm only like four days away from having to report to the federal penitentiary what happens on I have a choice of one or two things either I can transport myself to the federal penitentiary in Atlanta Georgia which is 600 miles away on my own or I can turn myself in to the marshal's office here in this building if I do that they will then place me in either the craddle Correctional Institute or the Bossier Parish jail and I'll have to sit there for about a month until they arrange transportation to move me to the penitentiary in Atlanta both are horrible I see they are we both know that this is prison capital of the world yes business State of the Nation right and so all the time we're hearing about the revolving door criminals are only serving a portion of the time they were issued right is that vacation mule well no I may not have to serve all 46 months but in the federal system they make you serve a minimum of 85 percent of the original sentence so instead of serving almost four years it may be three and a quarter years that I have to serve which is just insane for something that involved no victims all my customers were happy nobody got hurt the only thing that happened was the my registration didn't get saved Alan the fencin website when I tried to register and so for that I have to go to prison for nearly four years that's absolutely insane let's zoom out a little bit I have the old saying the more numerous laws more from state this unfortunately is a very direct impact example to talk about how far off the rails federal government is it's incredibly far off the rails and anytime you allow a federal government or a government to redefine the terms and the meanings of the words in their contract then you've allowed that government to have unlimited power because they can make it say anything they want it to and that's what's happened here the the laws regarding financial institutions world was originally written by Congress but in this case a federal agency of the executive department not the legislative department has decided what the law means and they have expanded on the meaning of what a money service business is to include people like me and they're just expanding their powers more and more until your liberties mean absolutely nothing that expansion of power is the slow crawl bit by bit and take over this whole small market other small part your case in particular is almost one of those small step forwards as are a paragraph talk to me about what deletes that they're making well the leap that they're making is they're redefining what a money service business is and also what currency is according to their own regulations bitcoin is not a currency the IRS considers it to be a property the Commodities Exchange Board considers it to be a commodity but no government agency considers it to be a currency because even though it acts like a currency somewhat it doesn't have all the criteria of being a currency may be the mistake I made was I didn't get an attorney involved when I first started the business I thought I could read the law and understand it and it were very clear to me what I could and couldn't do apparently that wasn't good enough because they have expanded their meaning of what those statutes are to include anything they want it to be I don't think that even attorney can really protect you there they're going to do what they want to do so I was like say is be careful it's apparent to me that the judge is afraid of things like Bitcoin virtual currencies of not being able to track people and their activities is one of the reasons I got such a harsh sentence federal government wants to go after people who are involved in anything that sorts their efforts to spy on you without a warrant and that's really what this case is about more than anything they're afraid of a jury hearing about how they've treated me regarding the licensing issue because I think most people would say if there is no license how can you charge someone with being an unlicensed money service business and also the very definition of what a money service businesses is on one of those things that's so vague and broad it can mean anything the government wants it to mean so you know I don't think most people would be for giving the government that much power to use it in any way they want to and to use it against people when whenever the government doesn't like what you're doing I think that's one of the most important points that I've learned about this case

44 thoughts on “Crypto trader heads to Fed Prison – Randall Lord interview”

  1. I see 88 dislike must be FBI or CIA or federal reserve employee or may be Security and exchange commission lol

  2. american dumb asses spcially military did not happened overnight 2008 and 1920 your history great depressiob lol is a koke its the very first housing bubble google 1920 Florida housing crash. Any bankers in jail yet that recieved bail out? Any politician wanted to make changes on SEC and fedeeal reserve is Dead lol who is a Dictator country now lol

  3. It's time to stop protecting these criminals that people call government and start locking them up by organizing then going to their homes. It's not that many of them. This is absolutely INSANE and something has to be done.

  4. SPOILER ALERT: D.O.J. "In addition, Michael Lord pleaded guilty to one count of drug conspiracy for agreeing to distribute controlled dangerous substances to include alprazolam, a Schedule IV controlled substance." Here's where confusion is deliberately being caused. The writer purposely slid this into their news release to dupe readers into a narrative.

  5. Trying to make an example of him….He lead them to the bait of making accusations of money laundering….WOW!

  6. The world has never been more upside down. On one hand the freaks think their opinions matter, and on the other hand the government is showing its true colors…..the biggest thug mobster entity that ever was.

  7. Why the fuck would he plead guilty when he already knew that bitcoin was not currency and did not need a license !! This isn't right he plead guilty to something that was not illegal and the courts know it !! The judge has the fucking audacity to say no you cant change it because it will be an inconvenience to the jurors or what ever the fuck !!?? That's 4 years of his life how is that not inconvenient for some one that has done nothing wrong !!! That would be the perfect reason to change a plea when it turns out what you did was legal in every sense of the word !!! this judge should be prosecuted for perverting the law and he should sue this fucking court!!! apple to the supreme court and fucking kill that fucking peace of shit judge !!!! what has this fucking pathetic ass country people call the land of the free come to!! just look at this shit this is not the land of the free this is the land of the fee!! the government doing all the fucking robbing the U.S. is just full of evil corrupted crocked money hungry criminal's! All these fucks should be shot and killed !!!! So to those solders saying oh we fight for your freedom bitch check your selves you didn't fight for freedom or me !! you fight for these crocked mother fuckers robbing people that's what you fought for! So don't come at me with your self righteous bullshit! You and your friend died for absolutely nothing so deal with it ! wev lost every war that wev had Iraq Afghanistan all fronts for oil !!! get with the fucking program and open your fucking minds your friend's that died with grenade's up their asses was for nothing !!!

  8. America is shithole, wtf he did serving prison for no reason and he didn't even need a fuckm license. His dumb to plea guilty.

  9. Recently I saw a video with his colleague, there discussed the arbitration between exchanges and bibitbot – bot for arbitration between exchanges, people earn from 1 to 10 BTC per week. Someone heard about this ? Who's using?

  10. He was sentenced for pleading guilty on something that is not a crime? Jesus. Why in the world they call the US a democracy. Bitcoin is not regulated and is not defined as a currency under the law. If they interpret the sentecing of this guy, then everybody should be arrested for exchanging goods for cash on eBay. The Judge of this case should be arrested.

  11. Now that Cryptocurrencies have been declared assets, as opposed to currencies, when was he released? Oh wait he hasn't been. I hope he still has those Bitcoin.

  12. My dad is facing 63 years for manufacturing and possession of narcotics. He grew 2 weed plants. One was a male so he ripped it out. They weighed the entire plant and said he had 6 pounds. They literally weighed it with dirt in the roots.

  13. Did you appeal your sentence. I would appeal all the way to supreme court. They didnt want to give you a trial because you would have won and it would have established CASE LAW which any defense attorney in this nation could refer to with similar circumstances. THIS IS BULL SHIT!!! Give him his due process. Whats the status of this shit??

  14. He seems pretty calm for someone going to prison in a few days. My guess is this dude is rich af and has a fat stack of bitcoin waiting for him when he gets out. I hope I am right and I hope he is ok in there.

  15. I'm sure he didn't pay his taxes on money is was moving. Should have left it in crypto, or taken it out and paid the taxes….25%

  16. This is one example of many. These are the type of videos that need to go viral. People tend to focus on the shiney skin of the apple and not whats rotting inside.

  17. Why are the criminals who caused the financial crisis being sentenced to death? They didn’t even get a fine but exercised their stock options, got a bonus, full pensions, and free health care insurance for life. All this at the tax payers dime. This guy is a true America entrepreneur who advances a new technology and he gets sentenced to a Federal prison. We are sick of the ruling class who are above the law. It makes me want to puke. Pray for this man. And may God give the elites what they deserve

  18. appeal. only people who belong in prison is onecoin/ethereum community, not real cryptocurrency users or traders

  19. The judge should be removed from the bench. Trump should pardon him as his crime is false. BitCoin is not a currency.
    Finally, the Pateriot Act needs to be killed so the Constitution affording him his rights would be inforcable.

  20. Its called Capitol gains which he didn't report on his taxes. So good luck with bubba bed buddy, hey you might get some protection in prison with some bitcoin. Let me know how that works out.

  21. People, if you guys only knew how to handle yourself in a court setting. Look up what common law is. There's a difference between law and legal. He could have had all those actors for dinner.

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