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Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
Barry Jay Minkow is a former American businessman, pastor, and convicted felon. While still in high school, Minkow founded ZZZZ Best, which appeared to be an immensely successful carpet-cleaning and restoration company. However, it was actually a front to attract investment for a massive Ponzi scheme. ZZZZ Best collapsed in 1987, costing investors and lenders $100 million in one of the largest investment frauds ever perpetrated by a single person, as well as one of the largest accounting frauds in history. The scheme is often used as a case study of accounting fraud.
Enzyte is a herbal nutritional supplement originally manufactured by Berkeley Premium Nutraceuticals. The marketing of Enzyte resulted in a conviction and prison term for the company's owner and bankruptcy of the company. The product is now marketed by Vianda, LLC of Cincinnati, Ohio. The manufacturer has claimed that Enzyte promotes "natural male enhancement," which is a euphemism for enhancing erectile function. However, its effectiveness has been called into doubt and the claims of the manufacturer have been under scrutiny from various state and federal organizations. Kenneth Goldberg, medical director of the Male Health Center at Baylor University, says, "It makes no sense medically. There's no way that increasing blood flow to the penis, as Enzyte claims to do, will actually increase its size."
The Portland Seven was a group of American Muslims from the Portland, Oregon area arrested in October 2002 as part of an FBI operation attempting to close down a terrorist cell. The seven were attempting to join al Qaeda forces in their fight against the United States military and coalition forces in Afghanistan, or aiding in that attempt.
Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors.
October Martinique Lewis was a member of a terrorist group dubbed the Portland Seven, some members of which attempted to travel to Afghanistan shortly after 9/11 in order to aid the Taliban. Lewis was sentenced to three years in federal prison after cooperating with the government and pleading guilty to six counts of money laundering. Lewis admitted to transferring money abroad to Jeffrey Leon Battle, her ex-husband, in order to assist him in his efforts to aid the Taliban.
The federal investigations into Jack Abramoff and his political and business dealings are among the broadest and most extensive in American political history, involving well over a dozen offices of the FBI and over 100 FBI agents tasked exclusively to the investigation. Given the extent and complexity of the suspected corruption, an entire inter-governmental task force, involving many federal government departments and agencies, has been established to aid the federal investigation. The U.S. Justice Department has announced that it will not reveal the details of the investigation, or who specifically has been targeted for investigation until indictments are issued. Under his plea agreements, Abramoff is required to answer all questions by federal investigators and prosecutors.
The redemption movement is an element of the pseudolaw movement, mainly active in the United States and Canada, that promotes fraudulent debt payment schemes. Redemption promoters allege that a secret fund is created for every citizen at birth and that a procedure exists to "redeem" or reclaim this fund to pay bills. Common redemption schemes include acceptance for value (A4V), Treasury Direct Accounts (TDA) and secured party creditor "kits," collections of pseudolegal tactics sold to participants despite a complete lack of any actual legal basis. Such tactics are sometimes called "money for nothing" schemes, as they propose to extract money from the government by using secret methods. The name of the A4V scheme in particular has become synonymous with the movement as a whole.
Thomas Joseph Petters is a former American businessman and chairman and CEO of Petters Group Worldwide, a company which stole over $2 billion in a Ponzi scheme. He was convicted of massive business fraud in 2009 and is now imprisoned at the United States Penitentiary, Leavenworth. Amid mounting criminal investigations, Petters resigned as his company's CEO on September 29, 2008. He was convicted of numerous federal crimes for operating Petters Group Worldwide as a $3.65 billion Ponzi scheme and received a 50-year federal sentence.
Operation Bid Rig was a long-term investigation into political corruption in New Jersey conducted by the Federal Bureau of Investigation, the Internal Revenue Service, and the United States Attorney for the District of New Jersey from 2002 to 2014.
Preetinder Singh Bharara is an Indian-born American lawyer and former federal prosecutor who served as the United States Attorney for the Southern District of New York from 2009 to 2017. He is currently a partner at the law firm Wilmer Cutler Pickering Hale and Dorr. He served as an Assistant U.S. Attorney for five years prior to leading the Southern District of New York.
United States v. Scheinberg, No. 1:10-cr-00336 (2011), is a United States federal criminal case against the founders of the three largest online poker companies, PokerStars, Full Tilt Poker and Cereus, and a handful of their associates, which alleges that the defendants violated the Unlawful Internet Gambling Enforcement Act (UIGEA) and engaged in bank fraud and money laundering to process transfers to and from their customers. A companion civil case, United States v. PokerStars, et al., 11 Civ. 2564 (2011), included Full Tilt and Cereus as defendants and seeks the recovery of forfeiture equalling approximately $3 billion in assets belonging to the companies. After the indictment was unsealed on April 15, 2011, a date quickly dubbed Black Friday by the online poker community, PokerStars and Full Tilt stopped offering real money play to their United States customers. Three years after the start of the poker boom in 2003, the U.S. Congress passed UIGEA to extend existing gambling laws into cyberspace. The law made processing payments for illegal online gambling a crime; however, the defendant companies remained in the U.S. market in the belief that the law did not cover poker. A former payment processor for the companies turned state's evidence after initially being charged with violating UIGEA himself. On September 20, the civil suit was amended claiming individual fraud by Howard Lederer, Chris Ferguson and Rafael Furst.
The Mantria Corporation Ponzi scheme has been described as the "biggest green energy scam" in United States history. A Federal judge in the Securities and Exchange Commission's civil case found Mantria had scammed more than $54.5 million “by egregiously, recklessly, knowingly, and shamelessly perpetrating a fraudulent scheme” that used “misrepresentations, omissions, and blatant lies to induce unsuspecting and unwitting victim investors to liquidate the equity in their homes and take out bank loans to invest in Defendants’ scheme, which was nothing more than smoke and mirrors.” On November 16, 2009, the U.S. Securities and Exchange Commission charged four people who targeted those nearing retirement age who were seeking real estate and "green" investments. Many of these securities were offered by Mantria Corporation.
George Cottrell is a British financier and convicted felon. He was a senior advisor to Nigel Farage and served as head of fundraising for the UK Independence Party (UKIP) until his arrest in the USA following the 2016 Republican National Convention.
Woodbridge Securities was a $1.2 billion Ponzi scheme run by CEO Robert H. Shapiro.
Obinwanne Okeke also known as Invictus Obi is a Nigerian entrepreneur and convicted fraudster who is currently serving a ten-year prison sentence in the United States for internet fraud that caused $11M losses to his victims. After initially pleading guilty, on February 16, 2021, Okeke was sentenced to ten years in prison. Until his arrest by the Federal Bureau of Investigation following a 13-month investigation, Okeke was a globally-renowned businessman who had investments in oil and gas, agriculture, private equity, alternative energy, telecom and real estate. He operated his holdings under the 'Invictus Group'. Invictus Group operated in three African countries including Nigeria, South Africa, and Zambia. He holds a master's degree in International business and Counter-terrorism from Monash University, Australia.
The Sky Capital Fraud Case was a significant securities fraud prosecution in New York's history involving Ross Mandell, the founder of Sky Capital Holdings Ltd. The two men were accused and successfully convicted of defrauding investors out of $140 million over an eight-year period by using high-pressure sales tactics and false promises of high investment returns.
References
- 1 2 3 "U.S. arrests Westchester man for terrorism financing and perpetrating massive investment fraud". Media Newswire. Retrieved February 24, 2007.
- 1 2 3 4 "Westchester Man Sentenced to 121 Months in Prison in Manhattan Federal Court for Attempting to Finance Terrorism and Perpetrating Massive Investment Fraud" (PDF). Archived from the original (PDF) on 23 July 2010. Retrieved 22 October 2011.
- ↑ "NY Man Charged With Trying To Fund Terror". CBS News.
- ↑ "Man Accused of Helping Terrorists Donated Thousands to Republicans". Fox News. 6 December 2011.
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