Money Laundering

Money laundering is the process whereby the proceeds of crime are transformed into ostensibly legitimate money or other assets. However in a number of legal and regulatory system the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system, including terrorism financing, tax evasion and evading of international sanctions. Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.
Posts about Money Laundering
  • Fighting Title 31 Currency Seizures issued by CBP

    …. The government has established these reporting requirements for a number of reasons, the most prominent being that it prevents money laundering. Moreover, it is common for illicit activity, like the drug trade, to be transacted in currency outside of the banking system. This reporting requirement attempts to regulate large currency transfers…

    Mike Ivancie/ Ivancie Law- 16 readers -
  • ING Bank Subject to Dutch, SEC Probe – Whistleblower Opportunity

    … institutions from identifying and interdicting prohibited transactions. The practice of removing and omitting such information was also used by other branches of ING Bank’s Wholesale Banking Division, including in France, Belgium, and the Netherlands, in processing U.S. dollar payments and trade finance transactions through the United States…

    Due Diligence- 19 readers -
  • Former Texas Registered Rep Arrested for Internet Ponzi Scheme

    … Former Texas Registered Rep Arrested for Internet Ponzi Scheme Posted on Wednesday, February 8, 2017 at 9:31 AM From the Desk of Jim Eccleston at Eccleston Law LLC: Former registered rep Bobby Eugene Guess was arrested following his indictment on charges of securities fraud, theft, money laundering and engaging in organized criminal activity…

    Eccleston Law Offices- 11 readers -
  • Houston Woman Charged with Defrauding Professional Athletes

    … and money laundering. According to the indictment, Fulford allegedly defrauded former NFL football player Ricky Williams and three other professional athlete victims out of millions of dollars. More specifically, Fulford falsely told her victims that she was financial advisor and money manager and offered to manage their expenses for them and use…

    Eccleston Law Offices- 17 readers -
  • Feds Nab 6 More for Bribery of Foreign Officials (and the Officials too!)

    …. Foreign Bribery Whistleblower Awards This case was prosecuted criminally. Already both government officials lost their jobs and one was sentenced to over a year in prison. Sometimes SEC takes the lead on these cases and puts its effort inn collecting fines. Like the Teva case which resulted in a 500+ million fine. A provision of the FCPA allows…

    Due Diligence- 21 readers -
  • Wells Fargo Hits a New Low (Bank Whistleblower Post)

    …. The Justice Department said that Wells Fargo would direct deaf customers to a dedicated TTY/TDD line that went unanswered. July 2011 The bank pays $125 million after being sued by a group of pension funds over the quality of mortgage backed securities. The bank was allowed to settle without admitting any wrongdoing. July 2011 The Federal Reserve…

    Due Diligence- 36 readers -
  • Colorado Man Arrested For Investment Scheme

    … and money laundering. The fraud commenced in July of 2011 with the sale of Ginnie Mae bonds. Snisky received $4,000,000 from investors who thought the money would be invested in the Ginnie Mae bond program, but instead of delivering on his promise, he used the money for his own benefit. In addition, Snisky asked Greeott to develop an algorithm…

    Eccleston Law Offices- 12 readers -
  • Lawyer, Flop House Operators Charged with Medicaid Fraud

    … fraud. This post details the prosecution of a New York attorney as well as a husband and wife owner of several so-called “three quarter” houses. If convicted, the trio could receive 25 years in prison. The prominent 74-year-old attorney for the Village of Island Point*, Anthony Cornachio, has been charged with Medicaid fraud and money laundering…

    Due Diligence- 32 readers -
  • When Does My Drug Crime Become a Federal Case?

    … State and Federal Drug Laws In every state in the country, possessing, manufacturing or distributing illegal drugs is a serious crime. The majority of the time, people are charged with low-level drug offenses at the state level. In certain circumstances, however, drug crimes are prosecuted by the federal government. What makes a drug crime…

    Matthew Sharp/ The Law Office of Matthew D. Sharp- 24 readers -
  • Law Firm Responsible for Ponzi Scheme Losses

    …. In settling, they admitted no wrongdoing. Chadbourne & Parke is medium size New York law firm with approximately 400 lawyers. They are well known for their finance work. In 2009, several investors in Stanford’s financial empire sued Chadbourne & Parke (“C&P”) and a second law firm, Proskauer Rose LLP. In a separate lawsuit, two other well…

    Due Diligence- 20 readers -
  • The Fix was (Allegedly) In!

    … the U.S. Government out of millions of dollars by way of rigged Social Security Administration (SSA) Disability claims is stranger than fiction. Last April, the Department of Justice (DOJ) indicted Conn, “Mr. Social Security,” with several criminal counts, including conspiracies to commit mail fraud, wire fraud, witness retaliation, destruction…

    Bond and Botes- 27 readers -
  • The Panama Papers – Looking for Whistleblowers

    … banks requesting offshore constructs were: EXPERTA CORPORATE & TRUST SERVICES BANQUE J. SAFRA SARASIN – LUXEMBOURG S.A. CREDIT SUISSE CHANNEL ISLANDS LIMITED HSBC PRIVATE BANK (MONACO) S.A. HSBC PRIVATE BANK (SUISSE) S.A. UBS AG (SUCC. RUE DU RHÔNE) COUTTS & CO. TRUSTEES (JERSEY) LIMITED SOCIÉTÉ GÉNÉRALE BANK & TRUST LUXEMBOURG…

    Due Diligence- 36 readers -
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