A French man was sentenced to 8 years for laundering over $470 million using shell companies and cryptocurrency accounts.

Mars Finance News, French national Maximilien de Hoop Cartier was sentenced to 8 years in prison by the Southern District of New York for operating an unlicensed over-the-counter (OTC) cryptocurrency exchange business, assisting in transferring over $470 million in criminal proceeds from drug trafficking through the U.S. financial system to Colombia and other locations, and confiscating approximately $2.36M in commissions and related shell company accounts. Cartier has been converting cryptocurrencies into fiat through more than ten U.S. shell companies since 2018, falsely claiming to banks that he was engaged in software development, and forging contracts and invoices to conceal the source of funds. After law enforcement froze his accounts in 2021, he still submitted forged documents, resulting in some funds being returned. In October 2025, Cartier pleaded guilty to charges of operating an unlicensed remittance business and conspiracy to commit bank fraud.