New York, April 28, 2026: Maximilien de Hoop Cartier, 58, a resident of France and citizen of Argentina, who is described as a descendant of the Cartier family known for luxury jewelry, was sentenced to eight years in federal prison for operating an unlicensed cryptocurrency exchange that laundered more than $470 million in criminal proceeds, including proceeds from drug trafficking.The sentencing was handed down on Tuesday, April 28, 2026, by U.S. District Judge Mary Kay Vyskocil in the Southern District of New York. Cartier had pleaded guilty on October 23, 2025, to one count of operating an unlicensed money transmitting business and one count of conspiracy to commit bank fraud.
How the Sophisticated Money Laundering Network Operated
Since at least 2018, Cartier ran an over-the-counter (OTC) cryptocurrency exchange that served as a central part of an international money laundering network. He received cryptocurrency believed to be proceeds from narcotics sales, converted it into U.S. dollars using a network of shell companies he controlled, and then transmitted the funds to accounts in Colombia and other countries. This allowed the money to be withdrawn in local currency while concealing its illegal origin.Cartier opened more than a dozen bank accounts at various U.S. financial institutions. He deliberately lied to the banks, claiming that his companies were engaged in software publishing and software development. To support these false claims, he submitted forged contracts, fake invoices, and other fabricated business records.
Key Incident That Led to the Exposure of the Scheme
In April 2021, three of Cartier’s shell company bank accounts were seized after they received approximately $937,000 in drug trafficking proceeds from an undercover law enforcement operation. Following the seizure, Cartier and his lawyer met with federal agents and prosecutors from the U.S. Attorney’s Office for the Eastern District of Pennsylvania in an attempt to recover the seized funds.During this meeting, Cartier admitted that he had told banks he was operating a technology software services business instead of disclosing his cryptocurrency exchange activities. He also acknowledged that he was operating as an unlicensed money remitter. However, he continued to provide forged documents and falsely claimed that he maintained proper know-your-customer procedures and was in the process of applying for a money transmitting license.
Court-Ordered Forfeiture
In addition to the eight-year prison sentence, the court ordered Cartier to forfeit $2,362,160.62, representing the commission he earned for converting cryptocurrency into U.S. dollars. He was also ordered to forfeit certain shell company bank accounts that he controlled.
Strong Message from U.S. Attorney Jay Clayton
U.S. Attorney Jay Clayton stated:
“Maximilien de Hoop Cartier exploited his knowledge of U.S. and international financial systems to launder drug money and other crime proceeds. He created a network of shell companies and crypto accounts to wash and conceal criminal proceeds. He used that network to funnel hundreds of millions of dollars from the United States to overseas criminal organizations, fueling their continued illicit operations. Stopping money laundering stops crime more broadly. This federal prison sentence sends a clear message that those who launder criminal proceeds will face serious consequences.”
Multi-Agency International Investigation
The case was investigated jointly by the FBI’s New York Field Office, IRS Criminal Investigation’s Global Illicit Financial Team, and Homeland Security Investigations’ New York El Dorado Task Force. Significant assistance was also provided by the FBI’s Legal Attaché Office in Colombia, the Colombian National Police, the Department of Justice’s Office of International Affairs, and the U.S. Embassy in Colombia.This prosecution highlights the increasing reliance by criminals on cryptocurrency and unlicensed over-the-counter exchanges to move large volumes of illicit funds across international borders while attempting to bypass anti-money laundering regulations. It also demonstrates the difficulties banks face in identifying sophisticated schemes that use shell companies and forged documentation.Cartier is expected to begin serving his sentence immediately.