8 ms·

I couldn’t find whether he gets to keep the money. If he does he’ll be a millionaire when he leaves prison in ~6 years.

by ianai 8y ago

ahje 8y ago
I'd guess it'll be confiscated, assuming he hasn't hidden it away somewhere the authorities can't get to it.
- mnw21cam 8y ago
  Well, the article implies that the majority has been hidden away somewhere, and hasn't been found yet.
  - kkarakk 8y ago
    probably in some sort of tumbled crypto if he's even casually familiar with hiding money https://en.wikipedia.org/wiki/Cryptocurrency_tumbler https://en.wikipedia.org/wiki/Cryptocurrency_tumbler
ccnafr 8y ago
You don't get to keep criminal proceeds unless you're a politician these days.
- elicash 8y ago
  The only example I know of this happening are with Vice President Agnew.
- ratling 8y ago
  Or a company. Or an executive of a company. Or a member of the police.
draugadrotten 8y ago
His fellow inmates may want to have a share, if they find out. https://www.ft.com/content/dbaea8c6-2541-11e9-b329-c7e6ceb5ffdf https://www.ft.com/content/dbaea8c6-2541-11e9-b329-c7e6ceb5f...
mrleiter 8y ago
Recovery of criminal proceeds is regulated in the Proceeds of Crime Act 2002. There are certain instruments to recover illegal proceeds, either by restraint ("freeze") and/or confiscation orders. There is also a civil procedure possible, e.g. for assets that have been bought with criminal proceeds. If a legal system were to allow a criminal his proceeds you effectively make property rights useless. Because why should I pay for a transaction if I could simply force you to do it and pay nothing in exchange.
- pbhjpbhj 8y ago
  There's been a few recent cases reported in our local UK paper where drug gangs are reported to have made £500k, say, and instructed to pay back £50k. They get a 2 or 3 years inside, rent free, then. Given median wages it seems like they're getting a reasonable return provided they don't mind the stay in prison. Like would you go to prison if you were paid £70k a year to do so?
  - mrleiter 8y ago
    That is indeed strange. But one must always keep in mind that the media often gets the law wrong - whether it is the specific crime they were indicted for or the reasoning for a judgement. But, I cannot tell here. It just seems strange.
    - FakeComments 8y ago
      My naive read is that $500k is an estimate of their profit over X time period, likely based on the $50k restitution over Y time period, which is the conduct they’re actually charged for. The reason for the discrepancy is simple: the government can only relcaim money connected to what they indict you for — not all the crimes people suspect, but can’t prove; in contrast, a newspaper is free to speculate “Well, if a month long sting caught them doing $50k, then they did like $500k/yr!” You can get similar estimates if the government catches them with unsold drugs, and the paper reports how much money they would have made selling it. Again, a reasonable estimate of their cash flow, but sensible the police seize the drugs rather than money they haven’t earned yet. (And can’t seize past money, if not connected to a crime.) I don’t have specific citations, but I’ve seen both in local papers over the years.
jaclaz 8y ago
From the NCA article: >Qaiser spent the proceeds of his criminal activity on stays in high-end hotels, prostitutes, gambling, drugs and luxury items including a £5,000 Rolex watch. ... and he probably wasted the rest ... WC Fields' quote: “I spent half my money on gambling, alcohol and wild women. The other half I wasted.”
deleted 8y ago
[deleted]

I couldn’t find whether he gets to keep the money. If he does he’ll be a millionaire when he leaves prison in ~6 years.

by ianai 8y ago

I couldn’t find whether he gets to keep the money. If he does he’ll be a millionaire when he leaves prison in ~6 years.

ahje 8y ago

I'd guess it'll be confiscated, assuming he hasn't hidden it away somewhere the authorities can't get to it.

mnw21cam 8y ago
Well, the article implies that the majority has been hidden away somewhere, and hasn't been found yet.
- kkarakk 8y ago
  probably in some sort of tumbled crypto if he's even casually familiar with hiding money https://en.wikipedia.org/wiki/Cryptocurrency_tumbler https://en.wikipedia.org/wiki/Cryptocurrency_tumbler

ccnafr 8y ago

You don't get to keep criminal proceeds unless you're a politician these days.

elicash 8y ago
The only example I know of this happening are with Vice President Agnew.
ratling 8y ago
Or a company. Or an executive of a company. Or a member of the police.

draugadrotten 8y ago

His fellow inmates may want to have a share, if they find out. https://www.ft.com/content/dbaea8c6-2541-11e9-b329-c7e6ceb5ffdf https://www.ft.com/content/dbaea8c6-2541-11e9-b329-c7e6ceb5f...

mrleiter 8y ago

Recovery of criminal proceeds is regulated in the Proceeds of Crime Act 2002. There are certain instruments to recover illegal proceeds, either by restraint ("freeze") and/or confiscation orders. There is also a civil procedure possible, e.g. for assets that have been bought with criminal proceeds. If a legal system were to allow a criminal his proceeds you effectively make property rights useless. Because why should I pay for a transaction if I could simply force you to do it and pay nothing in exchange.

pbhjpbhj 8y ago
There's been a few recent cases reported in our local UK paper where drug gangs are reported to have made £500k, say, and instructed to pay back £50k. They get a 2 or 3 years inside, rent free, then. Given median wages it seems like they're getting a reasonable return provided they don't mind the stay in prison. Like would you go to prison if you were paid £70k a year to do so?
- mrleiter 8y ago
  That is indeed strange. But one must always keep in mind that the media often gets the law wrong - whether it is the specific crime they were indicted for or the reasoning for a judgement. But, I cannot tell here. It just seems strange.
  - FakeComments 8y ago
    My naive read is that $500k is an estimate of their profit over X time period, likely based on the $50k restitution over Y time period, which is the conduct they’re actually charged for. The reason for the discrepancy is simple: the government can only relcaim money connected to what they indict you for — not all the crimes people suspect, but can’t prove; in contrast, a newspaper is free to speculate “Well, if a month long sting caught them doing $50k, then they did like $500k/yr!” You can get similar estimates if the government catches them with unsold drugs, and the paper reports how much money they would have made selling it. Again, a reasonable estimate of their cash flow, but sensible the police seize the drugs rather than money they haven’t earned yet. (And can’t seize past money, if not connected to a crime.) I don’t have specific citations, but I’ve seen both in local papers over the years.

jaclaz 8y ago

From the NCA article: >Qaiser spent the proceeds of his criminal activity on stays in high-end hotels, prostitutes, gambling, drugs and luxury items including a £5,000 Rolex watch. ... and he probably wasted the rest ... WC Fields' quote: “I spent half my money on gambling, alcohol and wild women. The other half I wasted.”

deleted 8y ago

[deleted]