Man involved in cryptocurrency money laundering won't face jail after handing in €5k compo

A Mullingar man who admitted allowing his bank account to launder almost €7,000 from an unwitting victim which was subsequently transferred into cryptocurrency has escaped a criminal conviction.

Jonathan Cox (21) of 10 Lir Village, Multyfarnham, Mullingar, Westmeath pleaded guilty at a sitting of Mullingar District Court last October after it was revealed the Director of Public Prosecutions (DPP) would allow the case to be ruled on in the District Court on a guilty plea only.

Mr Cox was charged in connection to an incident on June 23, 2023 that led to approximately €6,873.53 being transferred to his AIB account.

The court was told the laundered money was subsequently transferred into cryptocurrency ahead of “further movement” which saw the sum being passed onto another bank.

The funds had been unlawfully taken from a Bank of Ireland account holder in Galway, and the scam was raised with officials from the bank.

Following his arrest, Mr Cox “fully cooperated” with the garda investigation and, while the victim was fully recompensed, the bank was still out of pocket, Sgt Sheila Kenny told the court last Thursday.

Mr Cox had undergone a probation and restorative justice report, and defence solicitor Louis Kiernan said he had been saving and was now in a position to hand over a sum of €5,000.

Mr Kiernan said it was an illustration of how serious Mr Cox was treating the matter, along with and the fact his father had accompanied him to court despite being in ill-health.

Judge Owens commended Mr Cox for the way he had “engaged fully” with Probation Service officials and on his successful completion of 20 hours of community work.

Noting Bank of Ireland were still at a loss, she said given its “broad back”, the court would be directing the €5,000 sum to be split two ways: half to Mullingar EYE, a Youthwork Ireland Midlands project based in Mullingar for young people, and half to Bank of Ireland.

In striking out the charge, Judge Owens warned Mr Cox that should he come before the court again, he would not be afforded such a luxury.