Founder of Chicago Cryptocurrency Company Indicted in Alleged $10 Million Money Laundering Conspiracy

CHICAGO — The founder of a Chicago cryptocurrency company has been indicted in an alleged $10 million money laundering conspiracy.

FIRAS ISA founded Chicago-based VIRTUAL ASSETS LLC, which did business as Crypto Dispensers, and served as its Chief Executive Officer.  The company operated a cash-to-cryptocurrency exchange business, which included cryptocurrency ATMs at various locations throughout the United States, allowing individuals to convert cash, checks, or other monetary instruments into cryptocurrency.  An indictment unsealed in the Northern District of Illinois alleges that criminals and, in some instances, fraud victims, sent at least $10 million in proceeds from wire fraud and narcotics offenses to Crypto Dispensers, Isa, or a co-conspirator.  After the proceeds were sent, Isa converted or caused to be converted the cryptocurrency and thereafter transferred the cryptocurrency to virtual wallets to disguise the true source and ownership of the proceeds.  The indictment alleges that Isa knew the money was derived from fraud.   

Isa, 36, of Frankfort, Ill., and Virtual Assets LLC are each charged with one count of money laundering conspiracy.  The charge is punishable by a maximum sentence of 20 years in federal prison.

Isa and his company have pleaded not guilty to the charges.  A status hearing in federal court in Chicago is set for Jan. 30, 2026, before U.S. District Judge Elaine E. Bucklo.

The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Matthew J. Scarpino, Special Agent-in-Charge of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations in Chicago, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Adam Jobes, Special Agent-in-Charge of IRS Criminal Investigation in Chicago, including the IRS Chicago Cyber Crime Unit, and Ruth Mendonça, Inspector-in-Charge of the Chicago Division of the U.S. Postal Inspection Service.  The government is represented by Assistant U.S. Attorneys Bradley Tucker and Ramon Villalpando.

The public is reminded that an indictment is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.