American expat and Panamanian resident Jeffrey Jedlicki has pleaded guilty to wire fraud through international boiler rooms, defrauding victims by selling worthless investments.
Jedlicki and co-conspirators operated international boiler rooms in Panama and other regions. Here, they used high-pressure sales techniques to defraud people. The victims, most of whom were from Canada, the UK, New Zealand and Australia, invested large sums of money in what the conspirators purported to be regulated financial products or markets.
The criminals transferred the illicit proceeds generated by the boiler rooms through various ML rings. Those facilitating the ML received a percentage of the laundered money. Jedlicki received a 2% commission for referring the illicit funds to an ML ring. He furthered the fraud conspiracy using these funds, while also enriching his own life. Jedlicki and co-conspirators were responsible for the transfer of over $3,244,592, sourced from the victims of the conspiracy, to ML accounts. For his part in this conspiracy, Jedlicki could face a prison sentence of up to 20 years.
Source: US Department of Justice