PORTLAND Ore. (KPTV) – A 47-year-old Lake Oswego man pleaded guilty on Wednesday to selling cocaine and laundering the income through cryptocurrency, according to the U.S. Attorney’s Office – District of Oregon.
According to court documents, Michael Wayne Frost sold cocaine to undercover officers in “multiple controlled purchases,” the attorney’s office said.
On July 2, 2024, federal investigators served a search warrant at Frost’s home in Lake Oswego, where they seized a kilogram of cocaine and about $20,000 in cash. Frost also admitted to selling 10-12 kilograms of cocaine per week.
After obtaining further warrants, officers seized an additional $509,000 in cash and cryptocurrency tied to the cocaine sales.
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Investigators determined that Frost deposited some of the cash into a business bank account he controlled and then transferred the funds to Robinhood to invest it in cryptocurrency.
On Aug. 21, 2024, a federal grand jury in Portland indicted Frost on seven charges related to distributing cocaine and money laundering.
On Wednesday, Frost pleaded guilty to distributing more than 50 kilograms of cocaine and to one count of money laundering. He also agreed to forfeit all of the seized cryptocurrency and cash.
Frost faces a maximum sentence of life in prison, a mandatory minimum sentence of 10 years in prison, a $10 million fine, and five years of probation.
His sentencing is scheduled for Jan. 7, 2026.
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