A 39-year-old Potomac man was sentenced to 15 months in prison Wednesday for laundering drug money through his businesses.
Todd D. Lubar, who owns businesses in Maryland and Pennsylvania, pleaded guilty July 6 to accepting $20,000 from an undercover agent with the intent of laundering the money through one of his businesses, according to his plea agreement filed in U.S. District Court in Greenbelt.
Lubar was introduced to the undercover agent from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives in April 2008 by Silver Spring resident David Anthony Kittrell, one of Lubar’s co-defendants.
During a meeting, Lubar told the agent he had a mortgage company and had been in the mortgage business for 15 years, that he had a nightclub in Washington, D.C., and a scrap metal business in Reading, Pa., which was ideal for laundering money because most of the business transactions were in cash, according to the plea agreement.
Lubar also said he sold five to 10 pounds of marijuana and 350 ecstasy pills each week while he attended Syracuse University.
Over the next year, Lubar offered the agent “investment opportunities” to launder cash. Eventually, the agent signed a contract which stipulated that the agent would provide $20,000 that day, and in return receive $25,000 from Lubar no later than Dec. 31, 2008. On Dec. 29, 2008, Lubar advised the agent that the $25,000 payment would be delayed until the middle of January 2009. On Sept. 2, 2009, Lubar deposited $200 into the agent’s undercover bank account.
Detailed news link :here
