Randall V. Rule, 73, formerly of Kalispell, Montana, was found guilty by a jury on February 26, 2025, of conspiracy to commit money laundering, money laundering, and conspiracy to violate the Bank Secrecy Act.
The conviction follows a three-day trial before U.S. District Judge Jeremy D. Kernodle.
Rule and co-defendant Gregory C. Nysewander, formerly of Irmo, South Carolina, were indicted in November 2022 for conspiring to launder proceeds from various fraud schemes, including romance scams, business email compromises, and real estate scams, through cryptocurrency.
The defendants converted funds from victims into cryptocurrency and transferred them to accounts controlled by domestic and foreign co-conspirators. They used deceptive tactics, such as instructing victims to label wire transfers as "loan repayments" or "advertising," and made false statements to financial institutions and cryptocurrency exchanges.
During the conspiracy, Rule, Nysewander, and their co-conspirators laundered over $2.4 million. They also violated the money services business requirements of the Bank Secrecy Act.
Rule faces up to 20 years in federal prison for each money laundering charge and up to 5 years for the conspiracy to violate the Bank Secrecy Act charge. Sentencing will be determined by the court after a presentence investigation.
Acting U.S. Attorney Abe McGlothin, Jr. emphasized the commitment to prosecuting financial crimes, and the U.S. Secret Service highlighted the collaborative effort in protecting the financial infrastructure.
