Title: 10 Biggest Money Laundering Schemes In History | Geoffrey G. Nathan Law Offices
Headings: 10 Biggest Money Laundering Schemes In History
10 Biggest Money Laundering Schemes In History
HSBC
BCCI
Wachovia
Standard Chartered
Nauru
Al Capone
Meyer Lansky
Paul Manafort
Tom DeLay
Liberty Reserve
Conclusion
References
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Content: Lansky never faced serious criminal prosecution, and upon his death in the 1980s, investigators were unable to find the $300 million they believed Lansky had hidden away. Paul Manafort
A short-lived campaign manager for then-presidential candidate Donald Trump, Paul Manafort’s legal situation is still developing, but Manafort has been convicted of multiple fraud charges and still faces accusations that he laundered more than $30 million in Russian money. Manafort remains jailed while the legal proceedings against him continue. Manafort and his associate Rick Gates, are accused of fudging financial documents and lying to accountants and tax preparers in order to shield millions of dollars from view. Tom DeLay
A former majority leader in the U.S. House of Representatives, Tom DeLay was convicted of money laundering, though that conviction was overturned by an appeals court in 2013. The Republican congressman had been convicted a couple of years earlier of improperly funneling about $190,000 in corporate money through the Republican National Committee. Liberty Reserve
Liberty Reserve was a predecessor to Bitcoin, with the company issuing a virtual currency around the world. Its founder, Arthur Budovsky, was sentenced to 20 years in prison after being convicted of using his company to conduct a huge, multinational money-laundering operation that included credit card and ID theft, Ponzi schemes and computer hacking. Before being shuttered by the U.S. government, Liberty Reserve had conducted transactions worth a combined $8 billion. Conclusion
For those who make their money illegitimately, money laundering is a necessary way for them to avoid criminal prosecution while still spending their ill-gotten gains.