US authorities have convicted a man of money laundering conspiracy, bank fraud, and conspiracy to operate an unlicensed money transmitting business.
During 2017-2020, the convict operated a network of shell companies used to launder millions in illicit proceeds from various kinds of criminal activity. Co-conspiring computer hackers fraudulently gained control of bank accounts of US-based victims and transferred millions of dollars into bank accounts that the convict and his co-conspirators had opened. The convict then further laundered the proceeds through several additional bank accounts to make the stolen funds unavailable for recovery by the victims or the banks.
The convict also helped numerous pharmacies involved in Medicare and Medicaid fraud to launder their illicit proceeds. Moreover, at the start of the COVID-19 pandemic in 2020, the convict filed fraudulent applications to procure COVID-19 relief loans from the US Small Business Administration for several companies that he controlled. He then laundered the fraudulently obtained loan proceeds through these companies.
Source: US Department of Justice
