Feds Take Down 73-Year-Old in $2.4M Crypto Conspiracy—Prison Time Looms

Updated March 1, 2025

A federal jury in Texas has convicted Randall V. Rule, 73, of laundering cryptocurrency linked to various fraud schemes, including romance scams and real estate fraud. Prosecutors revealed that Rule and co-conspirator Gregory C. Nysewander converted illicit funds into cryptocurrency and funneled them to accounts controlled by domestic and foreign partners. To evade detection, they misrepresented transaction details, instructing victims to disguise wire transfers as “loan repayments” and “advertising.” The scheme, which laundered over $2.4 million, also involved violations of the Bank Secrecy Act. Rule now faces up to 20 years in prison per money laundering charge, with sentencing to follow a presentence investigation. The conviction is part of Operation Crypto Runner, a federal initiative targeting high-level financial crimes.

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