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Money Laundering

BUSINESS
October 30, 2013 | By Shan Li
British bitcoin exchange Coinfloor opened its virtual doors to customers this week with a stated commitment to meeting government regulations and keeping money launderers out. The London-based exchange will officially open to trading Tuesday, but it is allowing customers to sign up and register for accounts beforehand. Coinfloor is launching at a time when bitcoin is facing increased scrutiny after the arrest of Ross Ulbricht, a 29-year-old from San Francisco who allegedly masterminded the online drug emporium Silk Road.
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CALIFORNIA | LOCAL
March 27, 2014 | By Joe Mozingo
When Raymond "Shrimp Boy" Chow walked the streets of San Francisco's Chinatown in one of his natty suits, bright pocket square ablaze, he exuded power. Almost from the moment he arrived from Hong Kong in 1976 at the age of 16, he was a force in the local underworld, working as an enforcer for a local fraternal club called the Hop Sing Tong, shaking down gambling dens and running prostitution rings, according to authorities and his own accounts. He once told prosecutors he was in charge of all Asian crime in San Francisco, and admitted that he partnered with a leader in an ancient Chinese criminal group, or Triad.
WORLD
August 26, 2010 | By Ken Ellingwood, Los Angeles Times
As part of his administration's fight against organized crime, Mexican President Felipe Calderon proposed new steps Thursday to curb money laundering. Calderon said he will give Congress a package of legislation that would limit big-ticket cash purchases through which drug traffickers launder billions of dollars smuggled south across the U.S.- Mexico border. It would also stiffen reporting requirements for businesses and strengthen the government's hand in detecting transactions aimed at helping drug lords launder proceeds.
CALIFORNIA | LOCAL
July 13, 1991
Somebody tell those people lugging those suitcases full of cash to God-knows-where there's a company in San Diego with patents on the wall and more pending on some terrific products and we can put all that burdensome cash to really good use. TOD McMULLEN San Diego
NEWS
September 19, 2013 | By Michael Muskal and Molly Hennessy-Fiske
HOUSTON -- Tom DeLay, who was forced out as Republican House majority leader in 2005 because of felony money laundering charges, was exonerated Thursday by a Texas appeals court. The Texas 3rd Court of Appeals said the evidence in the case was “legally insufficient,” and in a sharp 2-1 ruling, with two Republican judges ruling against a dissenting Democrat, the court cleared DeLay, a fierce GOP conservative. DeLay had represented a Houston district, and as House leader earned the nickname “The Hammer” for his iron-fisted control of his colleagues.
BUSINESS
June 29, 1990 | S.J. DIAMOND
If ordinary consumers think about money laundering at all, it may be with some wistfulness that they have neither way nor wherewithal to do it. At the same time, they do understand that all that cash counted up in back rooms and somehow turned into cashier's checks, real estate and offshore bank accounts is truly dirty, the ill-gotten gains from drug sales, tax evasion or savings and loan fraud.
CALIFORNIA | LOCAL
April 14, 1989
A businessman has been convicted in federal court in Los Angeles of laundering $24 million through Santa Barbara-area banks for an organization prosecutors contended was run by a reputed Orange County drug kingpin. U.S. District Judge A. Andrew Hauk said he found Stefan von Metzger's explanation for the source of the money "poppycock" after the 65-year-old Santa Barbara businessman was found guilty on 36 counts. The defense had contended the money in question came from a plastics-manufacturing business owned by von Metzger's brother-in-law in Venezuela and brought into the United States legally to purchase supplies.
BUSINESS
September 15, 2009 | Ben Fritz
Hollywood may be in for tighter government scrutiny of its overseas operations. Producers Gerald and Patricia Green were found guilty late Friday on charges of bribery and money laundering related to their running of a local film festival in Thailand, a decision that experts say could lead to further investigation into the huge amounts of business film studios do overseas. The two were convicted of conspiracy to violate the Foreign Corrupt Practices Act, eight counts of violating the act and seven counts of money laundering.
BUSINESS
January 27, 2014 | By Andrew Tangel and Chris O'Brien
NEW YORK - The federal government has arrested one of the biggest names in the bitcoin community in the latest crackdown on digital currencies and their illicit use. Charlie Shrem, chief executive of digital currency exchange BitInstant, stands accused with a Florida man of laundering money through a notorious drug-trafficking website. Shrem is also vice chairman of the Bitcoin Foundation, a nonprofit group aimed at promoting the digital currency. He and codefendant Robert M. Faiella of Cape Coral, Fla., are accused of selling more than $1 million worth of bitcoins to people attempting to buy and sell illegal drugs on the Silk Road website, which the FBI shut down in October.
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