Lisa Mae Burnett Admits Guilt in Crypto-Related Money Laundering Case
On Wednesday, April 2, 2025, Lisa Mae Burnett agreed to plead guilty in a federal court in the Eastern District of Missouri to one count of money laundering conspiracy, as detailed in a plea agreement filed with the court. The case involves a sophisticated scheme that laundered proceeds from wire fraud through cryptocurrency transactions, totaling over $8.3 million.
According to the plea agreement, Burnett admitted to violating Title 18, United States Code, Section 1956(h), by knowingly participating in an agreement to conduct financial transactions designed to conceal the origins of illicit funds. These transactions, spanning from February 2022 to December 2023, involved the proceeds of wire fraud, a specified unlawful activity under federal law. The scheme affected interstate and foreign commerce, with funds funneled through multiple bank accounts and converted into cryptocurrencies like bitcoin.
The court documents outline that Burnett collaborated with several co-conspirators, including Richard Appelbaum, James Dyett, and others identified by initials. The group orchestrated a Business Email Compromise (BEC) scheme, where fraudulent emails tricked victims into wiring funds to accounts controlled by the conspirators. In one instance, on July 27, 2022, a legal consulting business in the U.S. Virgin Islands wired $868,000 to an account held by MHN Management LLC, a business entity created by Burnett, based on a deceptive email. Similarly, a Wisconsin-based fruit distributor sent $266,818.75 to another account controlled by Burnett’s group, and an individual in California transferred over $2.1 million for a supposed home purchase, all under false pretenses.
Burnett’s role included setting up business entities such as LMB Holdings and Consulting, MHN Management LLC, and C&G Holdings 314 LLC, which were falsely presented as legitimate enterprises to financial institutions. These entities, opened across at least 24 bank accounts at institutions like Bank of America and Truist, were used solely to receive and transfer illicit funds. The plea agreement notes that Burnett recruited others, including an individual identified as D.B., to process cryptocurrency transactions, forming additional entities like DVB Management Services LLC. Despite learning in April 2022 that the transactions were fraudulent, Burnett continued to expand the operation, recruiting more individuals to assist.
The conspirators moved the proceeds from business accounts to personal accounts and then to cryptocurrency trading platforms, including Binance US, FTX US, and Crypto.com. Over the course of the conspiracy, they received 34 wire transfers amounting to $8,344,287.57, which were converted into cryptocurrency to obscure their source. Burnett acknowledged knowing the funds were derived from unlawful activities and that the cryptocurrency transfers were intended to disguise their origins.
Under the plea agreement, both Burnett and the government recommend a 48-month prison sentence, though the court is not bound by this suggestion. The estimated Total Offense Level under the U.S. Sentencing Guidelines is 27, factoring in a base offense level of 26, a four-level increase for being in the business of money laundering, and a three-level reduction for acceptance of responsibility. The maximum statutory penalty includes up to 20 years in prison, a fine of $250,000 or twice the laundered amount, and up to three years of supervised release.
Burnett has waived her rights to appeal non-sentencing issues and most sentencing issues, as well as her right to contest the conviction in post-conviction proceedings, except for claims of prosecutorial misconduct or ineffective counsel. She also agreed to a forfeiture money judgment of $8,344,287.57 and to abandon any interest in seized assets. The court will determine Burnett’s criminal history category and final sentence at a later date.
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