North American based Apostolic Church Linked to a Cryptocurrency Scandal
Nov 03, 2017 Posted / 2477 Views
Pastor Trevon Gross the founder of Hope Cathedral in New Jersey was recently sentenced to upto 5 years jail term for his role in a Financial deal linking the church to the scandal around coin.mx exchange.
In the United States credit Unions such as the one for Hope Cathedral operate under a different law as regard the Know your Customer Requirements. Pastor Gross Trevon the chairman of the Church’s credit Union is said to have given control of the Union’s Bank accounts to Two men, one of them said to be a programmer from Florida after receiving a Bribe of about $150,000. The prosecutor of the case said pastor Trevon gave control of a small credit Union operated by his church to a software Engineer Lebedev and Coin.mx CEO Anthony Murgio. The prosecutor asserted that the two men used the church’s credit union to evade federal taxes and regulation on the Bitcoin exchange activities they were conducted via coin.mx.
Pastor Trevon Gross was contacted by two men a one Lebedev software Engineer and Anthony Murgio the CEO of coin.mx. The pastor was dubbed into a deal that would see the two men gain control of a small credit union operated by pastor Trevon’s Church. In turn pastor trevon received about $150,000 in bribes from the two men although the pastor claims he new the money was a donation to the church. The case against the three men, pastor Trevon, Lebedev and murgior escalated from from an earlier Data Breach at JPmorgan a multinational Banking corporation. The programmer from florida was accused for working for the dubious Bitcoin Exchange coin.mx and given 16 months in prison. Mr Murgio the CEO coin.mx was accused of using the church credit union to evade takes. Mr Murgio was sentenced to 5-6 months in prison.
In the United states credit Unions serves more than 100 million people thus the justification the the Federal government put up a regulation for it. The US Considers credit unions not for profit tax exempted organisations. Credit Unions in the US are either chartered by the federal government or the state government in most states an exception of Delaware, South Dakota, and Wyoming. It's a requirement for all credit Unions in states who do not regulate credit unions at state levels to obtain a federal charter before becoming operational. Every credit Unions Based in America deposits share insurance with the National Credit Union Share Insurance Fund (NCUSIF).
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