Montana Man, 73, Convicted in $2.4M Crypto Money Laundering Scheme

A 73-year-old Montana man, Randall V. Rule, has been convicted by a jury for his role in a cryptocurrency money laundering conspiracy. The verdict, delivered on February 26, 2025, follows a three-day trial presided over by U.S. District Court Judge Jeremy D. Kernodle.

Rule, formerly of Kalispell, Montana, was found guilty on all charges, including conspiracy to commit money laundering, money laundering, and conspiracy to violate the Bank Secrecy Act. The conviction stems from an indictment issued on November 16, 2022, which accused Rule and his co-defendant, Gregory C. Nysewander of Elmore, South Carolina, of participating in the money laundering scheme.

The indictment alleges that Rule and Nysewander conspired with others to profit from cryptocurrency money laundering wire fraud. They converted funds from various fraudulent schemes, such as romance scams, business email compromise, and real estate fraud, into cryptocurrency. These cryptocurrencies were then transferred to accounts controlled by co-conspirators both domestically and abroad. To disguise the fraudulent nature of these transactions, the defendants made false statements and omissions, labeling wire transfers as "loan repayment" and "advertising fees," among other things. During the conspiracy, Rule, Nysewander, and their co-conspirators laundered over $2.4 million.

Acting U.S. Attorney McGlothin stated, "We will not stand idly by as our citizens become victims of financial crimes, with their savings stolen. We will actively prosecute those fraudsters as well as those who assist them through money laundering of criminal proceeds."