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Martin Mizrahi, the Chief Executive Officer and founder of the LV.net internet service provider, is under fire after a wild credit card and money laundering-slash-drug money scheme was found to lead back to his red-hands. Mizrahi, 53 years old, had been discovered to be guilty of wire fraud, identity theft charges and money laundering, had been following a 12-day trial within the Manhattan federal court, as prosecutors would state on Monday.

The Nevada-based entrepreneur had been showing off his lavish lifestyle online had been arrested in 2022, while being charged through the criminal conspiracy with three other folks. Prosecutors had mentioned that Mizrahi was using Bitcoin to totally and shamelessly steal about $4 million, while an additional $3 million had been taken from a New York non-profit, in addition to drug money, on behalf of members for the unnamed Mexican cartel.

Additionally, the man had been convicted of other schemes, while they run about nearly $8 million in fraudulent credit card charges through the company is likely backed via invoices sent to banks and credit card companies.

Mizrahi happens to be a founder of the LV.net, which in particular was launched back in the wild-west days of the Internet. All the while, an attorney for Mizrahi had not chosen to respond to a request for comment.

Yet, in the past, there was a clear statement that he wasn’t guilty of anything wrong. All while telling KLAS-TV that there was no negative involvement in the scheme. The whole point of what was happening is that there has to be more accountability nowadays than in the past. All of the funds that had been transmitted was said to be payment for consideration of Bitcoin, all while the funds which get wired had come from a pretty legit source. Of course, the origin of the funds had actually been compromised as the byproduct of criminal activity.