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Money Laundering

This archive displays posts tagged as relevant to money laundering. You may also be interested in the following pages:

Page 1 of 13

LPL Financial Resolves SEC’s Charges for Anti-Money Laundering Violations

Posted  01/22/25
money inside blue washing machine
The Securities and Exchange Commission (SEC) swooped in once again to investigate Anti-Money Laundering violations in companies that think they’re being slick. On January 17, the SEC announced several charges against the broker-dealer and investment adviser, LPL Financial LLC, for failures associated with its AML program. To resolve the SEC’s charges, LPL agreed to pay a civil penalty of $18 million and to...

Tagged in: Money Laundering,

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More Cybercriminals Pay Steep Price for Running Crypto Scams and Laundering Cash

Posted  01/21/25
Cryptocurrencies
The government has already ramped up its efforts in 2025 to tackle cryptocurrency fraud and associated money laundering schemes with several recent enforcement actions. Cybercriminals exploit digital currency investment hopefuls. Their scams come in myriad forms such as ransomware attacks and virtual currency thefts, and the criminals use complex tactics to conceal their crimes to fuel their stolen profits. As...

Tagged in: Cryptocurrency, Money Laundering,

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A $1B+ Fraud Conspiracy: Yvette Wang Sentenced To 10 Years in Prison

Posted  01/14/25
Hanging Hundred Dollar Bills on Clothes Line
Federal prosecutors continue the crack down on fraudsters that prey on innocent investors. On January 6, Daniel M. Gitner, Chief, Criminal Division, in the United States Attorney’s Office for the Southern District of New York, announced that Yvette Wang a/k/a “Yanping” was sentenced to 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering. In addition to Wang’s prison...

Tagged in: Cryptocurrency, Money Laundering,

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Hold the Phone: Telemarketer Sent to Prison for $67M Health Care Fraud and Money Laundering Scheme

Posted  12/17/24
Doctor on phone
In December 2024, Jose Goyos, (38, from West Palm Beach, Florida) was sentenced to 15 years in prison for defrauding Medicare by falsely billing over $67 million for medically unnecessary genetic tests. Goyos and his co-conspirators worked at a telemarketing call center that roped thousands of unsuspecting Medicare beneficiaries and their doctors into their scheme. According to the government, Goyos managed the...

Tagged in: Healthcare Fraud, Medicare, Money Laundering,

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Funding Fail: Former TD Bank Employee Arrested for Laundering Columbian Drug Money

Posted  12/13/24
pinned money on a clothes line
On December 10, 2024, former Florida TD Bank N.A. employee, Leonardo Ayala, 24, was arrested and charged for his role in laundering Columbian narcotics proceeds through TD Bank. Ayala worked at a TD Bank in Doral, Florida between February and November 2023. In June 2023, Ayala allegedly started exploiting his position to launder money. The scheme involved another TD Bank employee who allegedly opened accounts in...

Tagged in: Money Laundering,

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Contraband, Canada, and Caught for an International Money Laundering Conspiracy: North Carolina Men Will Serve Prison Sentences

Posted  12/11/24
Currency in laundry machine
On December 4, 2024, Jeffrey Doctor (age 52, from Charlotte, North Carolina) and Samuel Baker (age 46, from Laurinburg, North Carolina) were sentenced in connection with a scheme to smuggle cut rag tobacco into Canada from the United States. Cut rag tobacco refers to tobacco plants that are chopped into thin strips and sourced to make smoking tobacco. Doctor was sentenced to 14 months in prison. Baker was sentenced to...

Tagged in: Customs Fraud, Money Laundering, Tax Fraud,

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Anti-Money Laundering Whistleblower Program Delay Raises Concerns Among U.S. Senators

Posted  02/8/24
money in a laundry machine
In a call for accountability, a bipartisan trio of U.S. Senators, including Chuck Grassley (R-Iowa), Elizabeth Warren (D-Mass.), and Raphael Warnock (D-Ga.), sent a letter to the Financial Crimes Enforcement Network (FinCEN) Director, Andrea Gacki, urging an explanation for the notable delays in the full implementation of the Anti-Money Laundering whistleblower reward program. Established under the 2021 annual...

Tagged in: Money Laundering,

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January 5, 2024

A Florida man, Karel Felipe, and Florida woman, Tamara Quicutis, have been sentenced to 8 years and 5 years respectively for their roles in a $93 million fraud scheme against Medicare.  Felipe and Quicutis were found guilty last October of submitting claims on behalf of three Michigan-based home health companies, for services never rendered, using stolen patient information, and then laundering the proceeds through dozens of shell companies and hundreds of bank accounts.  Their fellow co-conspirators—Jesus Trujillo, Didier Arcia, Alexey Gil, and Jeffrey Avila—have already been sentenced for their roles.  DOJ

Tagged in: FCA Federal, Healthcare Fraud, Home Health and Hospice, Medicare, Money Laundering,

July 12, 2023

Florida man Adam Todd and his companies, Digitex LLC, Digitex Limited, Digitex Software Limited, and Blockster Holdings Limited Corporation, have been banned from registering with the CFTC and trading in CFTC-regulated markets, and ordered to pay almost $4 million in disgorgement and $12 million in civil monetary penalty.  According to the agency, the defendants failed to register with the CFTC, failed to comply with certain regulations, attempted to manipulate the price of a digital asset token, and violated anti-money laundering procedures.  CFTC

Tagged in: Cryptocurrency, Fraud in CFTC-Regulated Markets, Money Laundering,

Constantine Cannon's Liz Soltan Featured in The Hill Discusses Protecting FinCEN Whistleblowers

Posted  06/16/23
Capital Building Zoomed in on 50 Dollar Bill
Constantine Cannon Whistleblower associate Elizabeth “Liz” Soltan is featured in The Hill with an op-ed on remuneration for whistleblowers under the Financial Crimes Enforcement Network (FinCEN) whistleblower program.  FinCEN whistleblowers help fight money laundering and sanctions evasion. The FinCEN program is in its early days and has not published regulations. It may be modeled on the Securities and...

Tagged in: Financial Institution Fraud, Money Laundering,

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