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Money Laundering Archives

Jury finds insurance agent guilty

According to reports, a Florida insurance agent was found guilty of money laundering and racketeering on April 14 following a trial. The man now faces a sentencing hearing on May 22. The man's insurance license was already under suspension by the Department of Financial Services' Division of Agent & Agency Services, which will now bar him from practicing in the industry in Florida permanently.

2 Florida men accused of wire fraud and money laundering

Up to 30 years in federal prison are possible for two men, ages 31 and 28, in Jacksonville, Florida. Their indictment from the U.S. Attorney's Office alleged that their wire fraud bilked investors of over $1 million dollars. Additionally, over $4 million were supposedly laundered by the pair.

Several men charged with running Florida gambling ring

Authorities detained and charged a group of eight men with running a multi-million dollar illegal gambling operation in South Florida after a police raid on Feb. 5. The arrests were the culmination of a lengthy investigation that began in 2013 and involved a total of 10 law enforcement agencies from across the country, which included the Federal Bureau of Investigation and the Broward County Sheriff's Office.

Possible penalties for money laundering

Florida law defines money laundering as financial transactions that attempt to conceal profits gained from otherwise unlawful activities. In order for a defendant to be convicted, the prosecution must typically be able to provide evidence indicating the person's awareness of the income's unlawful source and intention to conceal it through the transactions in question. Someone convicted of money laundering may face serious penalties.

What constitutes money laundering?

In Florida, people accused of money laundering may face felony charges and receive severe consequences if convicted. That is because money laundering is a serious criminal offense. According to state law, it is the deliberate act of using financial transactions to conceal the money generated by some form of unlawful activity.

Learning about money laundering and its defenses

Money laundering is a serious crime that comes with serious consequences if convicted. However, before a prosecutor can convict a defendant, he or she must show beyond a reasonable doubt that the defendant's actions fulfilled the legal elements of the crime.

Financial crime in Florida

Business professionals in Florida may benefit from reviewing the state's 2014 statutes concerning offenses related to financial transactions. Chapter 896 of the 2014 Florida Statutes defines the Florida Money Laundering Act and describes laws pertaining to other transactions that are prohibited. The Florida Money Laundering Act focuses on people who knowingly conduct a financial transaction with property related to proceeds from unlawful activity that constitutes a felony under federal or state law.

Man charged for taking part in health care fraud scheme

On Sept. 26, a 61-year-old Miami man was taken into police custody for connections to an alleged heath care fraud scheme. In addition to the man's 10 counts for money laundering was an indictment from the U.S. District Court for the Southern District of Florida grand jury for conspiracy to commit health care fraud and conspiracy to commit money laundering of health care fraud proceeds.

Reduced bond for Florida business owners

A couple who is facing multiple charges for their alleged involvement in an organized theft ring received a reduction of $20,000 on their bond after their defense attorneys challenged the amount of money they reportedly earned from selling stolen merchandise online. The pair was taken into custody on Aug. 21 on charges of dealing in stolen property, money laundering and racketeering.

Money laundering leads to felony charges

According to the state of Florida, money laundering occurs when criminal activity generates proceeds which a person or group then attempts to conceal or process through one or more financial transactions. Money laundering activities are usually thought to be done concurrently with organized crime or racketeering, and they can lead to charges that range in severity from third-degree felonies to first-degree felonies.

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