Crypto
Feds: CT man’s alleged cryptocurrency business exchanged more than $1M. From a storefront.
A Connecticut man has been indicted by federal grand jury on a charge of operating an unlicensed money transmitting business, according to federal authorities.
William McNeilly, 55, of New Haven, is charged with one count of operating an unlicensed money transmitting business, which carries a maximum term five years in prison if convicted, and with three counts of making illegal money transactions, which carries a maximum term 10 years in prison on each count, if convicted.
The indictment by a New Haven grand jury was returned on June 5, 2024, and McNeilly was arrested on June 6. He appeared before U.S. Magistrate Judge Maria E. Garcia in New Haven, pleaded not guilty, and is free on a $50,000 bond, according to federal authorities.
Authorities said the indictment alleges that McNeilly owned and operated Global Income Marketplace LLC from a storefront in West Haven and that, according to its Connecticut state registration, GIM was engaged in “website builders programming tech computer repairs and upgrades.”
McNeilly and another individual also operated Global NuMedia LLC, a limited liability company registered in Delaware, authorities said.
Authorities said McNeilly allegedly never obtained a license from the state Department of Banking “to engage in the business of money transmission,” but he allegedly “opened up several bank accounts in the names of GIM and GNM, and a cryptocurrency exchange account in the name of GNM, and used the accounts to operate a business through which he exchanged customers’ cash, checks, and money orders for cryptocurrency, charging a fee for the service.”
From about July 2019 to June 2022, McNeilly allegedly exchanged more than $1 million in U.S. currency for cryptocurrency on behalf of customers throughout the U.S., authorities said. “McNeilly knew that some of the funds involved in his illegal business were derived from fraud schemes, and the investigation revealed that cashiers checks from victims of romance fraud schemes were mailed to GIM and deposited into GIM accounts,” authorities said in a statement.
Authorities also alleged that, in February 2021, “McNeilly was contacted by TD Bank and told that a $10,000 wire transfer to GNM was reported as fraudulent, and that he needed a license to operate a money transmission business,” but “despite the warning, and that TD Bank closed the GIM and GNM accounts, McNeilly continued to operate his money transmission business through other GIM and GNM bank accounts.”
The case was investigated by the U.S. Postal Inspection Service.
WASHINGTON (7News) — Recent positive economic indicators have come out like a lower-than-expected January inflation rate and a strong jobs report. Financial expert Ric Edelman explained the resilience of the economy and what’s going on with cryptocurrency.
“It’s proving to be surprisingly resilient. The jobs data was very good that just came out, unemployment rate remains low. Interest rates are stable and hopefully coming down. Overall, consumer prices are doing okay as well,” said Eldelman.
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“A lot of folks have been widely fearing a recession. It doesn’t seem to be in sight at any moment, but there are continuing concerns: the tariffs, global economics. And in fact, if you look closely at the jobs data, almost all the jobs created in this last report were in the healthcare sector, which doesn’t spell well for the overall economy, just that one sector. So there is some weakness, and this is why investors remain a little bit nervous,” said Eldelman.
Younger Americans are buying Bitcoin and other cryptocurrencies, seeing it as a path to the American dream.
“This particular crypto winter, as it’s called. It’s the ninth time Bitcoin has fallen this much. Came out of nowhere, and it surprised everybody, including me,” said Eldelman.
“We basically are seeing a tale of two cities. On the one hand, prices are down dramatically over the past couple of months. They may fall even further yet. But if you look beyond the numbers at the fundamental growth and development of the technology, it’s all looking really very exciting.”
For investors, Eldelman had the following advice:
This is a period of extreme uncertainty… And for that reason, you should do two things. Number one, continue invest slowly but steadily. In other words, not a single lump sum, but invest a little bit every month on a regular basis. And second, stay focused on 10 years from now, not 10 days from now.
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Financial expert Ric Edelman has the latest economic outlook (7News).{ }
Toronto, ON, Feb. 12, 2026 (GLOBE NEWSWIRE) — As cryptocurrency adoption continues to expand among investors on both sides of the border, understanding the tax treatment of digital assets has become increasingly important. Cardinal Point Wealth Management has published a new educational blog post, How the Canada Revenue Agency Taxes Cryptocurrency, offering timely guidance on how crypto transactions are treated under Canadian tax law and what investors need to know to remain compliant.
Understanding CRA’s Approach to Cryptocurrency
The article provides a clear overview of how the Canada Revenue Agency (CRA) classifies cryptocurrency, including when crypto transactions may be treated as capital gains versus business income. It also explains how the CRA views cryptocurrency as a commodity rather than legal tender, a distinction that has important tax implications for investors.
Common Taxable Cryptocurrency Transactions
The blog outlines several common taxable events involving cryptocurrency, including trading digital assets, selling cryptocurrency for fiat currency, mining activities, and using cryptocurrency to purchase goods or services. With enforcement and reporting scrutiny increasing, the post emphasizes the importance of maintaining accurate transaction records and understanding reporting obligations.
Cross-Border Considerations for Canada–U.S. Investors
For individuals with financial ties to both Canada and the United States, cryptocurrency taxation can be especially complex. Differences between CRA and IRS treatment, reporting requirements, and potential double-tax exposure can create unexpected liabilities. Cardinal Point’s blog highlights the importance of coordinated tax and financial planning for cross-border investors navigating the evolving digital asset landscape.
Key Takeaways
- Cryptocurrency is taxable in Canada, and its treatment depends on the nature of the transaction
- Trading, selling, mining, and spending cryptocurrency may trigger tax obligations
- Recordkeeping is critical to remain compliant with CRA reporting requirements
- Cross-border investors face added complexity and should seek integrated planning advice
The full blog post is available here:
https://cardinalpointwealth.com/2026/01/28/how-the-canada-revenue-agency-taxes-cryptocurrency/
About Cardinal Point Wealth Management
Cardinal Point Wealth Management provides integrated financial, tax, and estate planning services for individuals and families with financial ties to Canada and the United States. The firm specializes in helping clients navigate complex cross-border financial matters and is a recognized leader in cross-border wealth management and Canada U.S. financial planning,
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Media Contact
Company Name: Cardinal Point Wealth Management, ULC
Contact Person: Kris Rossignoli, Senior Private Wealth Manager
Email: info@cardinalpointwealth.com
Country: USA
Website: www.cardinalpointwealth.com
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