money laundering

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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...

Renzi Should Step Down, House GOP Leader Says

GOP doesn't want to weather another scandal

(Newser) - House Minority Leader John Boehner is pressuring Rep. Rick Renzi, indicted yesterday for extortion, money laundering, and fraud in connection with an Arizona land deal, to step down, urging his fellow Republican "to seriously consider whether he can continue to effectively represent his constituents under these circumstances.” Boehner...

Arizona Rep. Renzi Indicted Over Land Deal

Charged with 35 counts of conspiracy, extortion, money laundering

(Newser) - Rep. Rick Renzi has racked up a 35-count indictment, including federal charges of conspiracy, extortion, wire fraud, insurance fraud, and money laundering, CNN reports. The Arizona Republican and two ex-business partners worked to sell land that buyers could then trade for federally-owned property, the AP reports; the sale brought one...

US, Iran Met on Terror Financing
US, Iran Met
on Terror Financing
Feb 16, 2008 7:27 AM CST

US, Iran Met on Terror Financing

Rare encounter last month at a multinational conference

(Newser) - Senior Treasury Department official Daniel Glaser met last month with representatives from Iran to discuss "the significant threat Iran poses to the integrity of the international financial system," Reuters reports. The rare talks, which required special permission from the US government, took place during a meeting of the...

Giuliani Calls Juggling $579K ‘Appropriate’

Candidate says money was reimbursed, blasts ‘political hit job’

(Newser) - Rudy Giuliani has hit back against allegations of book-cooking, saying it was “perfectly appropriate” to bill $579,082 in security detail fees to obscure mayoral agencies, and the NYPD repaid the agencies in full. The cops were slow in paying their bills, he explained, and the peculiar invoicing was...

Justice Switched Focus to Sex, Terror & Immigrants

Feds back off from mob and white collar crime

(Newser) - As the Senate Judiciary Committee today considers the nomination of Michael Mukasey as attorney general, data shows a profound shift in focus by the Justice Department over the 7 years of the Bush administration. The prosecution of mobsters, white collar criminals, environmental crimes and civil rights violations have taken a...

‘Bundlers’ Rake In Cash, Harbor Ethics Gaps

Candidates’ biggest spenders launder money and break laws

(Newser) - "Bundlers"—political fundraisers who solicit other donors to give—are a standard feature of the presidential race, and many remain favored by major campaigns despite unethical and even illegal conduct. The Post spotlights questionable rainmakers in the Norman Hsu scandal aftermath, including one Hillary donor who gave $160,...

Noriega Dodges French Trial in Miami Stir

Dictator's fight against extradition delays release date

(Newser) - Eleventh-hour appeals of his extradition to France kept former Panamanian strongman Manuel Noriega in his Miami prison cell yesterday, his scheduled release date. The dictator was set to face French money-laundering charges, but his lawyers argued that the Geneva Convention prevents his extradition because Paris doesn't recognize his prisoner-of-war status.

It's Bon Voyage for Noriega
It's Bon Voyage for Noriega
Aug 28, 2007 12:33 PM CDT

It's Bon Voyage for Noriega

Judge OKs France's extradition request for former dictator; he'll serve jail term there

(Newser) - Former dictator of Panama Manuel Noriega will be extradited to France to serve ten more years of jail time. Noriega has done 18 years in a Miami prison, and will be released for good behavior next month. He faces money laundering charges in France, but had asked to return to...

Pentagon Spent $1M on 2 Washers
Pentagon Spent $1M on 2 Washers
Aug 16, 2007 2:34 PM CDT

Pentagon Spent $1M on 2 Washers

Crafty twin sisters bilked government out of $20.5 million over 6 years

(Newser) - Twin sisters at a parts supplier scammed the Pentagon out of $20.5 million in fraudulent  shipping costs, including $998,798 they charged to ship two 19-cent washers and half a mil to ship three machine screws to Iraq. The Pentagon took six years to catch on to the sisters'...

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