3 ms·
> SMITH, 52, of Cornelius, North Carolina, is charged ... and money laundering conspiracy, which carries a maximum sentence of 20 years in prison. Would love t
by lesuorac 2y ago
> SMITH, 52, of Cornelius, North Carolina, is charged ... and money laundering conspiracy, which carries a maximum sentence of 20 years in prison.
Would love to see the money laundering explain. From the indictment it seems to claim that its inviolation of "Title 18, United States Code, Section 1956(a)(1)(B)(i)." Which states "to conceal or disguise the nature, the location, the source, the ownership, or the control of the proceeds of specified unlawful activity; or" [1].
So, receiving money from unlawful activity counts as money laundering? That seems to be at odds with my layman definition of it. Like it just seems like a double-jeopardy violation, you commit fraud for money and get dinged for both fraud and money laundering from the same crime?
[1]: https://www.law.cornell.edu/uscode/text/18/1956 https://www.law.cornell.edu/uscode/text/18/1956
- Cheer2171 2y agoSounds like he also tried to launder the profits of the fraud. If you set up a bunch of different bank accounts registered to different names or LLCs to collect all the profits of an illegal scheme so it doesn't look like a huge amount of money in each account, that's an additional money laundering charge versus if you put all the profits from a scheme in the same bank account.
- josho 2y agoWhat you described is exactly what real estate folks do. They put each property they own under a separate LLC. There are legitimate reasons to use different bank accounts and legal entities to conduct business. So the defendant needs to show that they had legitimate reasons for different accounts.
- deleted 2y ago[deleted]