Portland, OR. — A Lake Oswego man was sentenced Tuesday to six years in federal prison for trafficking cocaine and laundering the proceeds through cryptocurrency transactions.
Michael Wayne Frost, 47, was sentenced to 72 months in prison followed by five years of supervised release. The court also ordered Frost to forfeit more than $500,000 in assets connected to the money-laundering scheme, including cash and cryptocurrency.
According to court records, law enforcement officers conducted multiple controlled purchases of cocaine from Frost. On July 2, 2024, agents executed a federal search warrant at Frost’s residence in Lake Oswego, where they seized approximately one kilogram of cocaine and about $20,000 in cash.
Investigators later obtained additional warrants and seized more than $509,000 in cash and cryptocurrency tied to Frost’s drug trafficking activities. Prosecutors said Frost deposited drug proceeds into a business bank account he controlled and then transferred funds to Robinhood to purchase cryptocurrency in an effort to conceal the source of the money.
On August 21, 2024, a federal grand jury in Portland returned a seven-count indictment charging Frost with distributing cocaine and laundering drug proceeds. He pleaded guilty on September 24, 2025, to possession with intent to distribute cocaine and two counts of money laundering.
The case was investigated by the Federal Bureau of Investigation in partnership with the Multnomah County Sheriff’s Office, Gresham Police Department, Homeland Security Investigations, and the Asset Recovery and Money Laundering Unit of the U.S. Attorney’s Office. Prosecutors Kemp Strickland and Christopher Cardani handled the case for the District of Oregon.
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