money laundering

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Big Banks Laundered Money for Mexican Drug Gangs

Wachovia handled $378.4 billion in drug money

(Newser) - Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off...

Feds Charge 10 With Spying for Russia

Agents were carrying out long-term, undercover assignments

(Newser) - Ten people have been arrested for allegedly serving as secret agents of the Russian government with the goal of penetrating the US government, the Justice Department said today. According to court papers in the case, the US government intercepted a message from Russian intelligence headquarters in Moscow to two of...

Ohio Couple Busted on Terror Charges

Toledo pair accused of funneling cash to Hezbollah

(Newser) - A Lebanese-American Toledo couple was arrested yesterday and accused of attempting to funnel money to Hezbollah. Prosecutors say Hor and Amera Akl researched and pitched 10 ways to sent money to the terrorist group, ultimately plotting to conceal up to $1 million from anonymous US donors in a vehicle and...

Feds Link 68 Fatal ODs to Kansas Clinic

Doc, nurse wife defrauded health plans with illegal prescriptions

(Newser) - A new federal indictment implicates a Kansas doctor and his wife in nine additional patient deaths, bringing to 68 the number of fatal overdoses the government contends are linked to illegal prescription writing and a moneymaking conspiracy at their clinic. Dr. Stephen Schneider, his wife Linda, who is a nurse,...

Banker for Drug Gangs, Al-Qaeda Nailed

Dubai-based banker helped shift money launder funds

(Newser) - One of al-Qaeda's favorite bankers has been busted in India after a year-long manhunt. Naresh Jain is accused of running a worldwide money laundering empire from his Dubai headquarters that handled over $2 billion a year from terrorist groups and drug traffickers, the Independent reports.

Ex-Rep. Jefferson Sentenced to 13 Years
 Ex-Rep. Jefferson 
 Sentenced to 
 13 Years  
cold hard cash
Nov 13, 2009 5:19 PM CST

Ex-Rep. Jefferson Sentenced to 13 Years

Pol busted with $90K in freezer betrays little emotion

(Newser) - A federal judge sentenced former Congressman William Jefferson to 13 years in prison today, less than the 27-plus years prosecutors called for but more than the 10-year term the Louisiana Democrat's lawyer wanted. Jefferson, who was convicted in August of 11 of the 16 counts relating to the public corruption...

Ex-Taiwan Prez Convicted of Corruption, Sentenced to Life

Chen Shui-bian and wife both found guilty of embezzlement, taking bribes

(Newser) - The former president of Taiwan was convicted of corruption and sentenced to life imprisonment today, marking a watershed event in the island's turbulent political history. Chen Shui-bian, president from 2000 to 2008, was charged with embezzling $3.15 million from a special presidential fund, receiving bribes worth at least $9...

Israeli Foreign Minister Faces Raft of Corruption Charges

(Newser) - Israeli police have recommended the indictment of the country's foreign minister for bribery, money laundering, and other corruption charges, Haaretz reports. Avigdor Lieberman, who leads the ultranationalist Yisrael Beiteinu party and was kingmaker in February's closely-run election, has been under investigation for years and is accused of funneling cash to...

Suspect in NJ Probe Sold Black-Market Kidneys

Corruption bust yields strange side business

(Newser) - The FBI says it's made the first organ trafficking arrest in US history, a strange byproduct of the sweeping corruption probe that nabbed dozens of New Jersey officials and rabbis, the Star-Ledger reports. Levy Izhak Rosenbaum is accused of dealing in kidneys: He'd buy them from donors in Israel for...

Nabbed NJ Pols Lived in 'Ethics-Free Zone': Feds

(Newser) - The 44 New Jersey politicians and New York and New Jersey rabbis arrested this morning were the subject of a 10-year probe, the Newark Star-Ledger reports. “The politicians willingly put themselves up for sale,” the US Attorney says. “For these defendants, corruption was a way of life....

Flush Mafia Invests Big in Recession Italy

It's buying up struggling companies

(Newser) - As banks spurn borrowers, Italian mafiosi are lending out their cash stockpiles to profit from the global recession, Bloomberg reports. Long invested in cash-intensive businesses like food distribution, the mafia is using its liquidity to take control of other legitimate businesses—and as a bonus, the three main mob outfits...

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...

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