money laundering

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NY Lawyer Pleads Guilty to $400M Fraud

Dreier bilked clients, spent cash on yacht and beach houses

(Newser) - New York lawyer Marc Dreier pleaded guilty yesterday to selling hundreds of millions in bogus promissory notes to hedge funds and other clients, reports the Times. Dreier, 59, used the $400 million to fund a Manhattan apartment, beachfront houses, and an $18 million yacht. “He has disgraced the honorable...

Nevada Deals 20 Years to Thieving Chinese Bankers

Embezzlers tried to launder stolen $500M through Vegas casinos

(Newser) - Two managers who scammed the Bank of China for nearly $500 million and fled to the US have been sentenced to more than 20 years each by a Nevada court, the BBC reports. The men's wives—who helped them launder the cash through Las Vegas casinos—were given 8-year sentences....

Tearful Stanford 'Madder Than Hell' at Ponzi Charges

Tycoon expects indictment in 2 weeks

(Newser) - Sir Robert Allen Stanford expects an indictment from the feds in a couple of weeks, but maintained his innocence in an interview with ABC News. The disgraced financier cried and told his interlocutor, “I will punch you in the mouth” if he mentioned reports that Stanford laundered drug money....

Madoff Laundered Money Overseas: Feds

Fraud extended to London, US says

(Newser) - At least a quarter-billion dollars of client funds passed through Bernard Madoff's London operation in money-laundering maneuvers that involved the trading operation as well as the firm's investment-advisory arm, the US government alleges. Madoff's sons, who have denied involvement in the Ponzi scheme in which their father is about to...

Texas Cops Accused of Racist Highway Robbery

Black motorists given the choice of handing over property or facing felony charges

(Newser) - Cops in a small Texas town are accused of seizing the property of innocent black motorists to pad their salaries, the Chicago Tribune reports. A federal lawsuit alleges that Tehana police have abused the state's asset-forfeiture law—intended to penalize drug-runners—to extort money and other valuables from out-of-town drivers...

Madoff Family Members May Face Charges

Feds investigating 20 others; 'he's jerking everyone around'

(Newser) - Bernie Madoff's guilty plea Thursday won't be the end of the story, the Daily Beast reports. The feds are investigating 20 possible co-conspirators, including family members, writes Lucinda Franks. Madoff wants to preserve money for his wife and kids, and keep them out of trouble. But sources say that several...

Madoff to Plead Guilty on 11 Counts, Faces 150 Years

(Newser) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges.

Stanford Loses Cozy Caribbean Domain

Mexican drug lord laundered money there

(Newser) - R. Allen Stanford is an institution in Antigua—so much so that some residents call the Caribbean island “Stanford Land”—and now the country is reeling from the SEC fraud case against him. The country has seized Stanford’s bank, but it’s still facing questions about its...

Stanford May Have Ties to Mexican Drug Cartel

FBI money laundering probe predated SEC swoop on financier

(Newser) - Fugitive financier R. Allen Stanford was under investigation over possible ties to a Mexican drug cartel long before the SEC swooped in on his firm, federal authorities tell ABC News. The FBI and other agencies began probing Stanford on suspicion of money laundering a year ago, after Mexican authorities detained...

Court Reinstates Corruption Case Against Zuma

Ahead of vote, would-be S. African prez faces 16 counts of fraud

(Newser) - Jacob Zuma, the leader of the African National Congress and the likely next president of South Africa, once again faces corruption charges after the country's top appeals court reinstated 16 counts of fraud, money laundering, and tax evasion today. The court reversed a bombshell ruling from last September that threw...

UBS Closes 19,000 US Accounts in IRS Probe

Swiss banking secrecy collapses as investors face tax evasion charges

(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine....

Polaroid Files for Bankruptcy a Second Time

Photography icon blames fraud at parent company

(Newser) - Polaroid is blaming fraud at its parent company for its second bankruptcy filing in 7 years, Bloomberg reports. The instant photography pioneer says it has “ample cash reserves” and doesn’t expect to seek additional financing under Chapter 11 reorganization. But the Petters Group, which acquired the 71-year-old firm...

'Vati-Con' Agrees to Pay $3.6M
 'Vati-Con' Agrees to Pay $3.6M 
Dec 16, 2008 4:23 PM CST

'Vati-Con' Agrees to Pay $3.6M

Ann Hathaway's ex says he wants to repay fraud victims, but may be too broke

(Newser) - Raffaello Follieri, the jailed ex-boyfriend of actress Anne Hathaway who used alleged connections to the pope to scam investors, has agreed to return $3.6 million to victims, including two priests and celeb-billionaire Ron Burkle. It’s a small chunk of the $13 million the “Vati-Con” is accused of...

Hathaway's Ex Considers Copping Plea

High-living Follieri weighs deal with feds on fraud charges

(Newser) - Italian entrepreneur Raffaello Follieri may plead guilty as soon as today to fraud and money-laundering, the Wall Street Journal reports. Anne Hathaway's ex could still opt for a trial. He faces federal charges that carry a sentence of up to 5 years, even with the plea deal, but the government's...

'Indict Olmert,' Israeli Cops Urge

Resignation expected soon

(Newser) - Israeli police are recommending that embattled Prime Minister Ehud Olmert be indicted for bribery, money laundering and fraud, reports the Guardian. The final decision on what action to take after the 18-month investigation rests with the nation's attorney general. Olmert has already indicated he will resign within days.  

Spitzer Madam Pleads Guilty in 'Disgusting' Operation

Plea deal could land 23-year-old up to 27 months in jail

(Newser) - The woman who managed the prostitution ring that brought down New York governor Eliot Spitzer copped a plea yesterday in federal court, the AP reports. Cecil Suwal, 23, giggled and cried during a Manhattan hearing at which she pleaded guilty to money-laundering and promoting prostitution at the Emperors Club VIP...

Spitzer Booker Pleads Guilty
 Spitzer Booker Pleads Guilty 
May 14, 2008 3:00 PM CDT

Spitzer Booker Pleads Guilty

Woman charged in Emperor's Club VIP bust could get 25 years

(Newser) - The woman accused of arranging the infamous liaison between "Kristen" and "Client No. 9" pleaded guilty today, the New York Times reports. Temeka Rachelle Lewis, 32, admitted to charges of promoting prostitution and money laundering in the bust that brought about Eliot Spitzer's downfall. She could face up...

Wachovia Targeted in Drug Money Laundering Probe

Feds look into bank's conection with suspect casas de cambio

(Newser) - Federal prosecutors have targeted Wachovia in an investigation into the use of money-exchange houses along the Mexican border to transfer money from US sales to Latin American drug lords, the Wall Street Journal reports. The bank invested heavily in the casas de cambio despite warnings that such firms were often...

The Software That Ruined Eliot Spitzer

Unusual deposits alerted ever-watchful bank computers

(Newser) - The banks were watching Eliot Spitzer—and they’re watching all of us, too. These days, all large banks and most small ones are equipped with anti-money laundering software, Technology Review explains, which tracks even the most mundane transactions of every customer. Moves that don’t conform to a pattern—...

Criminal Charge No Certainty for Spitzer

Resignation could soften prosecutors' stance on NY governor

(Newser) - Although Eliot Spitzer’s political career is over, it remains unclear what legal fate awaits the disgraced New York governor, the Wall Street Journal reports. Spitzer’s resignation wasn’t part of any deal, the feds confirm, but makes him less of a legal target. One possibility is a deferred-prosecution...

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