The U.S. Attorney’s Office for the Eastern District of Texas revealed on Thursday that a resident of Montana has been found guilty of allegedly laundering more than $2.4 million via cryptocurrency.
Randall V. Ruhl, aged 73, previously of Kalispell, Montana, was convicted on all counts during a three-day trial overseen by U.S. District Judge Jeremy D. Kernodle on February 26.
He was indicted alongside Gregory C. Naiswand, who once resided in Elmo, South Carolina. Both were charged in a federal case in 2022.
Romantic Scams, Real Estate Fraud, and Email Deceptions
Prosecutors indicated that Ruhl and Naiswand played a role in transforming money from various fraudulent schemes—including romance scams, business email compromise, and real estate fraud—into cryptocurrency, which was subsequently moved to accounts managed by both domestic and international co-conspirators.
Romantic scams involve con artists forming relationships with victims under the pretense of potential romantic involvement. These fraudsters pretend to build personal connections to earn the victims’ trust before taking advantage of them financially.
Scammers also create counterfeit websites to deceive victims into sharing personal data or transferring funds. These sites imitate legitimate businesses but contain minor discrepancies in their URLs.
To avoid detection, Ruhl and Naiswand allegedly altered transaction information to mislead banks and cryptocurrency platforms.
“We will vigorously pursue fraudsters and those who enable their actions through money laundering,” stated Acting U.S. Attorney Abe McLoughlin.
The U.S. Secret Service, which is investigating the case, commended the prosecution team for their dedication to safeguarding the nation’s financial system.
Ruhl could face up to 20 years in prison for each money laundering charge and may incur an additional five years for conspiracy to breach the Bank Secrecy Act.
The date for his sentencing will be established once the inquiry is finalized. Thriving & Declining Real Estate Markets: An Examination of American House Values
