Posts Tagged ‘money laundering’
Money Laundering: How and Why Broker-Dealers Should Report Suspicious Activity
Broker-dealers are one of the first lines of defense against money laundering and fraud. In order to disguise the true origins of their ill-gotten gains, fraudulent brokers might transfer money to shell corporations in order to make the money look like legitimate earnings. Then, the broker has easy access and can withdraw the money without…
Read MoreLeon Vaccarelli Sentenced to 7.5 Years in Prison Following Guilty Verdict in Securities Fraud Case
In October 2020, a judge sentenced former financial adviser Leon Vaccarelli of Waterbury, Connecticut to seven-and-a-half years in federal prison. This followed a trial in 2018, when a jury determined that Vaccarelli had committed a total of 21 federal crimes, including money laundering and securities fraud. According to the prosecution, Vaccarelli stole money from investors…
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