Money Laundering

Money Laundering Types And Warnings

Money laundering refers to the illegal process of disguising the proceeds of illicit activities, such as drug trafficking, corruption, or fraud, as legitimate funds to conceal their origins and avoid detection or prosecution. The term “money laundering” is derived from the practice of “cleaning” or “washing” dirty money, so that it can be used without raising suspicion. Money laundering typically involves three stages: placement, layering, and integration. In the placement stage, the proceeds of illegal activities are introduced into the financial system, usually through cash deposits, wire transfers, or other means. In the layering stage, the funds are moved through ... Read more

Financial Fraud: Most Common Examples Forms

Financial fraud is the deliberate misrepresentation or manipulation of financial information or transactions for personal gain. This can take many forms, including embezzlement, money laundering, insider trading, Ponzi schemes, and accounting fraud. Financial fraud can be committed by individuals or companies, and the victims can range from individuals to entire nations. Some common examples of financial fraud include: Ponzi schemes: A fraudulent investment scheme where returns are paid to earlier investors using the capital from newer investors. Insider trading: The illegal practice of trading securities based on material, non-public information. Embezzlement: The theft of funds or property by someone entrusted ... Read more

Financial Fraud: John Gregory Alexander Herrin Convicted Of One Count Of Interstate Transportation Of Stolen Property And Eight Counts Of Money Laundering

Jury Convicts Ex-employee Of Transporting Stolen Property And Money Laundering After $390,000 Disappeared From Armored Truck HELENA – A jury on Thursday convicted a Helena man who worked for GardaWorld of multiple crimes after he was accused of taking money stolen from an armored truck and spending it gambling and shopping in Las Vegas, day trading and traveling to France, U.S. Attorney Kurt Alme said. The jury found John Gregory Alexander Herrin, 30, of Helena, guilty of one count of interstate transportation of stolen property and eight counts of money laundering. The jury acquitted Herrin on four counts of money ... Read more

Financial Fraud: Jonathan Chang Convicted Of Four Counts Of Wire Fraud And Three Counts Of Money Laundering

Cupertino Man Convicted Of Embezzling More Than $7.5 Million In Donated Funds Jonathan Chang misappropriated religious donations and church funds SAN JOSE – A federal jury convicted Jonathan Chang of four counts of wire fraud and three counts of money laundering, announced United States Attorney David L. Anderson and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. The verdict follows a four-week trial before the Honorable Edward J. Davila, United States District Judge. The evidence at trial demonstrated that Jonathan Chang, 63, of Cupertino, Calif., engaged in a scheme to defraud a wealthy donor of money intended ... Read more

Financial Fraud: Kevin Kyes Sentenced For Wire Fraud And Money Laundering Convictions Arising From Ponzi Scheme

Convicted Fraudster Sentenced To Five Years In Prison For $7 Million Ponzi Scheme SAN FRANCISCO – Kevin Kyes was sentenced today to five years in prison for wire fraud and money laundering convictions arising from a $7 million Ponzi scheme, announced United States Attorney Alex G. Tse, Federal Bureau of Investigation Special Agent in Charge John F. Bennett, and the Internal Revenue Service, Criminal Investigation, Acting Special Agent in Charge Tara Sullivan. The sentence was handed down by the Honorable Susan Illston, U.S. District Judge. After a week-long trial before Judge Illston, a jury convicted Kyes, 70, formerly of Campbell, ... Read more

Money Laundering: Corey Earl Engelen Indictment to Money Laundering

Parker Man Pleads Guilty to Money Laundering in Connection with Stock Trading Scheme DENVER – Corey Earl Engelen, age 47, of Parker, Colorado pled guilty last week before U.S. District Court Judge Christine M. Arguello to money laundering announced Acting United States Attorney Robert C. Troyer and IRS Criminal Investigation Special Agent in Charge Steven Osborne.  Engelen and his co-defendant Michael Todd Osborn were indicted by a federal grand jury in Denver on February 11, 2015.  Engelen is scheduled to be sentenced by Judge Arguello on January 31, 2017. According to the indictment and plea agreement, Engelen and Osborn were ... Read more

Financial Fraud: Scott Raymond Beard Sentenced For Theft of Public Funds and Money Laundering

Former Deschutes County Sheriff Captain Sentenced to Five Years in Prison for Theft of Public Funds and Money Laundering EUGENE, Ore. – On Thursday, September 8, 2016, Scott Raymond Beard, 46, a former Deschutes County Sheriff Captain and resident of Deschutes County, Oregon, was sentenced to five years in prison by U.S. District Judge Michael J. McShane for stealing over $200,000 in public funds he was entrusted to manage. At least sixty-three times over a two-year period, Beard falsified records to steal money designated for use in combating drug crimes. At the sentencing hearing, Deschutes County Sheriff Shane Nelson attested ... Read more

Financial Fraud: Albert Shih-Der Chang Was Arrested For Mail Fraud and Money Laundering Charges

FBI Arrests Dallas Technology Company’s Former Lead Systems Engineer on Mail Fraud and Money Laundering Charges DALLAS — Albert Shih-Der Chang, a former Lead Systems Engineer for a Dallas technology company known as One Technologies, was arrested at his residence in Fairview, Texas, this morning by special agents with the FBI on an indictment charging federal felony offenses stemming from his approximate $2.4 million theft or embezzlement from the company, announced U.S. Attorney John Parker of the Northern District of Texas. A federal grand jury in Dallas returned the 11-count indictment yesterday charging Chang with 10 counts of mail fraud ... Read more

Michael Danilovich Sentenced For Racketeering, Health Care Fraud, Securities Fraud, Mail Fraud, Wire Fraud, And Money Laundering

Michael Danilovich Sentenced To 25 Years For Racketeering, Health Care Fraud, Securities Fraud, Mail Fraud, Wire Fraud, And Money Laundering Racketeering Conviction Included Largest No-Fault Insurance Fraud Scheme Ever Charged Preet Bharara, the United States Attorney for the Southern District of New York, announced that MICHAEL DANILOVICH was sentenced today to 25 years in prison in connection with his conviction for 16 counts of racketeering conspiracy, securities fraud, health care fraud, mail fraud, wire fraud, and money laundering charges following a five-week jury trial.  The jury convicted DANILOVICH of racketeering arising out of his operation, from 2007 through 2012, of ... Read more

Gezim Selgjekaj Sentenced for Credit Union Fraud

Avon Lake man sentenced to 25 years in prison for fraud that contributed to the collapse of credit union An Avon Lake man was sentenced to 25 years in prison for fraudulently obtaining more than $10.6 million in loan proceeds, bribing the chief operating officer of the credit union to receive those loans, and laundering the proceeds, conduct which contributed to the collapse of the St. Paul Croatian Federal Credit Union, law enforcement officials said. Gezim Selgjekaj, 44, was ordered to pay $16 million in restitution. A jury earlier this year found him guilty of one count of conspiracy, 15 ... Read more

Bruce Swisshelm Pleaded Guilty to Bank Fraud and Money Laundering

Springfield Area Business Owner, Son Plead Guilty to $5.5 Million Fraud Scheme SPRINGFIELD, MO—Tammy Dickinson, United States Attorney for the Western District of Missouri, announced that the owner of several Springfield, Mo., area restaurants and his son pleaded guilty in federal court today, in two separate but related cases, to their roles in a more than $5.5 million bank fraud scheme. Bruce Swisshelm, 68, of Battlefield, Mo., and his son, Bruce Swisshelm II, 43, of Springfield, pleaded guilty in separate appearances before U.S. Magistrate Judge David P. Rush. Swisshelm pleaded guilty to bank fraud and money laundering. Swisshelm II pleaded ... Read more

Gregg R. Mulholland – Orchestrator Of More Than 40 Pump And Dump Schemes And Secret Owner Of Offshore Brokerage Firm

Orchestrator Of More Than 40 Pump And Dump Schemes And Secret Owner Of Offshore Brokerage Firm Pleads Guilty To$250 Million Money Laundering Scheme Defendant Used Offshore Shell Companies in Belize and the West Indies to Perpetrate Numerous Schemes, Including the Manipulation of Cynk Technology Corp (CYNK) BROOKLYN, N.Y. – Earlier today, Gregg R. Mulholland, a dual U.S. and Canadian citizen and secret owner of Legacy Global Markets S.A. (Legacy), an offshore broker-dealer and investment management company based in Panama City, Panama, and Belize City, Belize, pleaded guilty to money laundering conspiracy for fraudulently manipulating the stocks of more than 40 ... Read more

Laundering in Connection with Costa Rica-Based Telemarketing Fraud Scheme

Ohio Man Sentenced to 108 Months in Prison for Money Laundering in Connection with Costa Rica-Based Telemarketing Fraud Scheme   An Ohio man was sentenced to 108 months in prison for his role in laundering money for a Costa Rica-based “sweepstakes fraud” scheme that victimized U.S. residents, announced Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division and U.S. Attorney Jill Westmoreland Rose of the Western District of North Carolina. Paul R. Toth Jr., 41, of Wintersville, Ohio, was sentenced yesterday by U.S. District Judge Robert J. Conrad Jr. of the Western District of North Carolina.  In ... Read more

Asset Forfeiture – Money Laundering

Asset Forfeiture White-Collar Crime Many criminals are motivated by greed and the acquisition of material goods. Therefore, the ability of the government to forfeit property connected with criminal activity can be an effective law enforcement tool by reducing the incentive for illegal conduct. Asset forfeiture “takes the profit out of crime” by helping to eliminate the ability of the offender to command resources necessary to continue illegal activities. The use of asset forfeiture in criminal investigations aims to undermine the economic infrastructure of the criminal enterprise. Criminal enterprises in many ways mirror legitimate businesses. They require employees, equipment, and cash ... Read more