Showing posts with label Money laundering. Show all posts
Showing posts with label Money laundering. Show all posts

Wednesday, November 5, 2014

Toledo Ohio: Local men sentenced in Iraqi Dinar case - Iraqi currency scheme turns into lengthy prison terms




http://m.toledoblade.com/Courts/2014/10/31/Local-men-sentenced-in-dinar-case.html

Published: 10/31/2014 - Updated: 4 days ago

Local men sentenced in dinar case
Iraqi currency scheme turns into lengthy prison terms
BY JENNIFER FEEHAN
BLADE STAFF WRITER

Bradford Huebner, left, arrives at federal court
 for his sentencing with his attorney, Rick Kerger.

THE BLADE/ANDY MORRISON

Describing him as “a scammer who got scammed himself,” a federal judge sentenced an Ottawa Hills businessman Thursday to 87 months in prison for defrauding investors who bought Iraqi currency and placements in two nonexistent hedge funds.

Bradford Huebner, 67, was convicted by a jury May 22 of conspiracy to commit wire fraud, wire fraud, mail fraud, 30 counts of structuring transactions to evade reporting requirements, and nine counts of money laundering.

Emmenecker - HANDOUT.
 NOT TOLEDO BLADE PHOTO
Co-defendant Charles Emmenecker, 67, of Sylvania who was convicted at the same trial of conspiracy to commit wire fraud and wire fraud, was sentenced Thursday to 33 months in prison.

At the objection of Assistant U.S. Attorney Gene Crawford, U.S. District Judge Jack Zouhary allowed both men to remain free on bond and ordered them to report to begin serving their prison sentences after Dec. 10.

Huebner, Emmenecker, and co-defendant Rudolph Coenen, 49, of Jacksonville [aka Mr IQD -AK], also will be ordered to pay a yet-to-be-determined amount of restitution for the fraud scheme that federal prosecutors said involved some $23.8 million in sales of Iraqi dinar and $750,000 from sales of the hedge fund seats. A forfeiture of property also is to be ordered by the court.

Coenen, who pleaded guilty last year and was sentenced Sept. 24 to 63 months in prison, was painted as “the bad guy” by attorneys for Huebner and Emmenecker.

Rudy Coenen
https://plus.google.com/+RudolphCoenen/posts
“Rudy Coenen is the guy who told the lies, and he made them up long before he ever heard of Brad Huebner,” Rick Kerger, attorney for Huebner, told the court.

During the trial, it was shown that Huebner’s company, the BH Group, had presented Coenen as a currency expert during weekly conference calls in which they promoted the dinar and hedge funds to potential investors.

Besides repeating falsehoods about investing in the currency and its ability to make them rich, they spoke of Coenen’s service as a Marine in Iraq where he was wounded and awarded the Purple Heart and his previous work as a vice president at JP Morgan Chase.

Neither of the claims was true.

Huebner made a lengthy statement to the court, saying he bought Coenen’s story — as many people did — hook, line, and sinker.

“I will be the first to tell you that I am guilty of trusting people too much — to a fault,” he said.

Huebner apologized to his family and those he harmed and expressed what he called “overwhelming remorse and embarrassment” for the position he was in.

He also reiterated the claims he had made to family, friends, and others who became customers of the BH Group — that one day “in the near future” the Iraqi government would revalue its currency and everyone’s investment would pay off.

Judge Zouhary said it sounded as though Huebner was still in denial.

“You indicated today that you are still excited for all the investors,” the judge said. “Don’t be excited. Be saddened.”

Huebner had faced a sentencing range of 235 to 293 months in prison, and Mr. Crawford asked for a term within that range. Calling him a “hard-core fraudster,” Mr. Crawford said Huebner showed no remorse and only wanted to play the blame game.

“The court may never again have before it the CEO of a company that brought in $23 million in gross receipts in the sale of dinar and is responsible for absolutely nothing because everything is always someone else’s fault,” Mr. Crawford said.

Emmenecker also received a sentence significantly less than the federal guidelines as Judge Zouhary found him to be “less culpable” than Huebner and Coenen.

His attorney, Reginald Jackson, maintained that Emmenecker “never made a penny” from the dinar sales but “believed and trusted Brad Huebner” and wanted to help his friends.

Judge Zouhary said both men had long business careers and should have known better or at least looked into Coenen’s background.

“The warning bells should have been deafening to you,” he told Emmenecker.

Emmenecker told the court he had hoped through the BH Group conference calls he moderated to bring better information about the currency investment to interested buyers.

“I had never intended for any of my friends to lose any money, to be hurt,” he said. “… One thing led to another and here I am in this pickle for which I’m very, very sorry.”

A fourth co-defendant in the case, Michael Teadt, 67, of Maumee was acquitted at trial of conspiracy charges but was found guilty — as was Huebner — of one count of mail fraud for filing a false application for federal job-training funds.

He was placed on probation for two years, ordered to pay a $2,000 fine, and — along with Huebner — pay $5,767 in restitution.

Contact Jennifer Feehan at: jfeehan@theblade.com or 419-213-2134.

See also:
http://www.toledoblade.com/local/2012/09/22/2-who-bought-Iraqi-currency-file-suit-against-indicted-sellers-firms.html

http://www.justice.gov/usao/ohn/news/2012/20septhueb.html


Sunday, August 4, 2013

Official: HSBC drops dozens of London missions


Hmmm... could the September 1 termination of government and corporate immunity from prosecution be involved? Was the Papal Apostolic letter the movitation? Did HSBC grow a conscience?  Was there the "white powder" in some of those diplomatic pouches?  Why so much cash flowing through embassies? Why won't any other banks pick up the business? Very curious indeed!  :) -AK


Official: HSBC drops dozens of London missions
Raphael Satter, Associated Press 2:18 p.m. EDT August 4, 2013
Britain HSBC
(Photo: Lefteris Pitarakis AP)


Official: Diplomats scramble to find a new place to put their money as HSBC closes their accounts. 

More than 40 different embassies, consulates and high commissions affected
The move was part of a wider reassessment started by chief executive Stuart Gulliver in 2011
http://www.usatoday.com/story/money/business/2013/08/04/hsbc-bank-close/2616933/

LONDON (AP) — HSBC bank has told dozens of foreign missions in London that it will close their bank accounts, an official said Sunday, news that has sent diplomats across the capital scrambling to find a new place to put their money.

Bernard Silver, an ex-honorary consul who serves as president of the Consular Corps of London, said he'd been told by British officials that more than 40 different embassies, consulates, and high commissions had been affected.

"The majority of missions are finding it very difficult for other banks to accept them," he said in a telephone interview.

Silver declined to name any specific missions, but the Mail on Sunday newspaper said that the Papal Nunciature — the Vatican's mission to London — was affected, as was the Papua New Guinea High Commission and the honorary consul from Benin.

Attempts to reach the Vatican's mission, Benin's honorary consul, and Papua New Guinea's high commissioner were not immediately successful, but the newspaper cited an official at the latter as expressing shock at the move.

"We've been banking with HSBC for 22 years," John Belavu was quoted as saying. "For them to throw us off in this way was a bombshell."

Monday, August 6, 2012

Standard Chartered bank 'in $250bn scheme with Iran'


http://www.bbc.co.uk/news/business-19155577

Standard Chartered bank 'in $250bn scheme with Iran'

Standard Chartered has been accused of undermining US sanctions against Iran

Standard Chartered bank illegally "schemed" with Iran to launder as much as $250bn (£161bn) for nearly a decade, a US regulator says.

The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to US economic sanctions.

It labelled UK-based Standard Chartered a "rogue institution".

The bank has been threatened with having its US banking licence revoked.

The allegations are far larger than those involving HSBC, which was recently accused by the US Senate of failing to prevent money laundering from countries around the world including Mexico and Iran. It has set aside $700m to deal with any fines and penalties arising from those allegations.

Tuesday, July 17, 2012

HSBC Allowed Drug and Terrorism Money Laundering


HSBC Allowed Drug Money Laundering, Apologizes: Senate

http://economictimes.indiatimes.com/news/international-business/hsbc-allowed-drug-money-laundering-apologizes-senate/articleshow/15021701.cms

WASHINGTON: HSBC Holdings Plc put itself at the mercy of the US Senate on Tuesday, acknowledging shortcomings in its anti-money laundering operations and revealing the resignation of a global executive.

David Bagley, a top compliance executive at HSBC since 2002, told a Senate investigative panel that he would step down, after the panel released a scathing report calling out a "pervasively polluted" culture at the bank.

The Senate report, which came after a year-long inquiry, said the bank had routinely acted as a financier to clients routing funds from the world's most dangerous corners, including Mexico, Iran and Syria.

Monday, July 9, 2012

Mexican Drug Cartel Laundered Money
Through Bank of America FBI Alleges

http://www.huffingtonpost.com/2012/07/09/los-zetas-laundered-money-bank-america_n_1658943.html?utm_hp_ref=tw
The Huffington Post  |  By Alexander Eichler 
Posted: 07/09/2012 11:03 am Updated: 07/09/2012 2:51 pm

Jose Trevino Morales, leads racehorse Mr Politoafter his victory at the 2010
All American Futurity race. Morales is accused of helping launder money from
the Los Zetas drug cartel through accounts at Bank of America.
Drug money has a way of sprawling. And some of it may have reached Bank of America.

A federal probe into Los Zetas, a Mexican drug cartel, claims that the group has been laundering money through accounts at BofA, according to a recent report in The Wall Street Journal.

An FBI affidavit filed in Texas last month says that the Mexican drug cartel has been reportedly funneling cash through a Texas-based racehorse business with BofA accounts. The U.S. government has described Los Zetas in the past as "the most technologically advanced, sophisticated and dangerous cartel operating in Mexico." Tremor Enterprises LLC, the horse business, was for its part allegedly run by Jose Trevino Morales, a U.S. citizen with two brothers in Los Zetas.

In the past, Mexican drug syndicates have allegedly used BofA accounts to buy planes to transport cocaine, according to Bloomberg. Between 2004 and 2007, the bank was also the alleged destination for almost $10 million in illicit funds from an influential political family in Equatorial Guinea.

BofA has admitted such errors in the past. In 2006, officials acknowledged they'd failed to catch South American clients laundering $3 billion through one of its Manhattan branches, according to The New York Times.

Just to be clear, BofA hasn't been accused of any wrongdoing, and according to sources cited by the WSJ, the bank is cooperating with the FBI investigation.

Still, if Los Zetas has indeed been shifting a million dollars a month through accounts held at BofA, as the federal probe claims, it suggests the bank might still have some kinks to work out in its defenses against money laundering.

Wednesday, May 30, 2012

Vatican Says Trust in Church Hurt by Scandal




By Philip Pullella
VATICAN CITY | Mon May 28, 2012 2:05pm EDT

(Reuters) - The Vatican, engulfed in the worst crisis in Pope Benedict's papacy, on Monday denied Italian media reports that cardinals were suspects in an investigation into leaks of sensitive documents that led to the arrest of the pope's butler.

But while denying the reports, which said the butler was merely a courier in a behind-the-scenes struggle for power in the Holy See, the Vatican acknowledged that the often sordid affair would test the faith of Catholics in their Church.

The scandal exploded last week when - within a few days - the head of the Vatican's own bank was abruptly dismissed, the butler was arrested over leaks and a book was published alleging conspiracies among cardinals, the "princes of the Church".

Documents leaked to journalists allege corruption in the Church's vast financial dealings with Italian business.

Vatican spokesman Father Federico Lombardi told a news conference: "This is naturally something that can hurt the Church, and put trust in it and the Holy See to the test."

Italian newspapers, quoting other whistle blowers in the Vatican, said the arrested butler was merely a scapegoat doing the bidding of more powerful figures, punished because the Church did not dare implicate cardinals behind the leaks.


"There are leakers among the cardinals but the Secretariat of State could not say that, so they arrested the servant, Paolo, who was only delivering letters on behalf of others," La Repubblica quoted one leaker as saying.


The Secretariat of State is run by Cardinal Tarcisio Bertone, the pope's powerful right-hand man, and the scandal appears to involve a struggle between his allies and enemies, reminiscent of Renaissance conspiracies inside the Vatican.

Monday, May 7, 2012

Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit



Got a heads up on this in my EMAIL, THANKS LAURA!

PRESS RELEASE
April 23, 2012, 12:01 a.m. EDT

Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit

Largest International Money Laundering Network in History Formed During Obama Administration; U.S. Banks' Theft of Home Owners' Money Laundered Through Cayman Islands, Isle of Man and Numerous Offshore-Based Affiliates

NEW YORK, NY, Apr 23, 2012 (MARKETWIRE via COMTEX) -- In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP -- on behalf of home owners across the Country -- has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries -- formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia -- alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners' money during the last decade and then laundered it through offshore companies. The complaint, Index No. 500827, was filed by Spire Law Group, LLP, and several of the Firm's affiliates and partners across the United States.
Far from being ambiguous, this is a complaint that "names names." Indeed, the lawsuit identifies specific companies and the offshore countries used in this enormous money laundering scheme. Federally Chartered Banks' theft of money and their utilization of offshore tax haven subsidiaries represent potential FDIC violations, violations of New York law, and countless other legal wrongdoings under state and federal law.
"The laundering of trillions of dollars of U.S. taxpayer money -- and the wrongful taking of the homes of those taxpayers -- was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies' reports -- and reports from the Department of Homeland Security -- about this situation, dating as far back as 2010. Worse, the Administration purported to endorse a 'national bank settlement' without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation's banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement," stated Eric J. Wittenberg of Columbus, Ohio -- a noted trial lawyer, author and student of US history -- on behalf of plaintiffs in the case.
The suing home owners reveal how deeply they were defrauded by bank and governmental corruption -- and are suing for conversion, larceny, fraud, and for violations of other provisions of New York state law committed by these financial institutions and their offshore counterparts.
This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration's agencies (like the FDIC) blew the whistle, their reports were ignored.
The case is styled Abeel v. Bank of America, etc., et al. -- and includes such entities as ML Banderia Cayman BRL Inc., ML Whitby Luxembourg S.A.R.L. and J.P Morgan Asset Management Luxembourg S.A. -- as well as hundreds of other obscure offshore entities somehow "owned" by federally chartered banks and formed "under the nose" of the Administration and the FDIC.
Commenting further on the case, Mr. Wittenberg stated: "As if it is not bad enough that banks collect money and do not credit it to homeowners' accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states' Attorneys General in formulating this international money laundering network. Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived."
All United States home owners may have the right to bring a lawsuit of this kind if they paid money to a national bank servicer during the years 2003 through 2009.
One lawyer impacted by the corruption -- Mitchell J. Stein, who formerly represented the FDIC, the RTC and the FSLIC during the Savings and Loan scandal of the 1990s, and who predicted all of the foregoing in open court two years ago -- commented: "Two years ago, I remarked in open court to a Los Angeles Superior Court Judge, as well as to legislators including Senator Dianne Feinstein's office during a multitude of in-person meetings, that the ongoing violations of the Patriot Act by these financial institutions was outrageous and a breach of the public trust of unprecedented proportions," said Stein.
"The size and scope of this misconduct -- stretching to far-away islands never before having standing as approved United States Bank affiliates -- is remarkable and emblematic of what we have seen," he continued. "The bank crisis represents the height of corruption and brazen behavior where our historically trusted financial institutions have no qualms about breaking the law, because they have the Administration behind them. Banks do well enough when they operate lawfully without needing to be permitted to operate as criminal enterprises that steal money from United States citizens."
Additional plaintiffs' counsel Nicholas M. Moccia commented: "Having been in the trenches of the bank crisis for years, I always knew that the misconduct was being conducted by a network. When I started litigating against banks, however, I could have never imagined that it would be this extensive. I look forward to taking discovery of these thousands of obscure foreign entities and to obtaining for homeowners their constitutionally entitled injuries for this international ring of theft and deception."
Comments were requested from the Attorney Generals' offices in NY, CA, NV, and MA and the White House, but no comment was provided.
About Spire Law Group
Spire Law Group, LLP is a national law firm whose motto is "the public should be protected -- at all costs -- from corruption in whatever form it presents itself." The Firm is comprised of lawyers nationally with more than 250-years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.
        
        Contact:
        James N. Fiedler, Esq.
        Managing Partner
        Spire Law Group, LLP
        877-475-2448
        Email Contact
        
        
        


SOURCE: Spire Law Group, LLP

Wednesday, March 28, 2012

UK Regulator Fines Queen’s Bank, Coutts, $13.8M for Poor Money Laundering controls


By Associated Press, Published: March 26

LONDON — Britain’s financial regulator said Monday that it had fined the queen’s bank, Coutts Bank, 8.75 million pounds ($13.8 million) for failing to maintain effective controls to prevent money laundering and monitor the accounts of high-risk clients.

“The failings at Coutts were serious, systemic and were allowed to persist for almost three years,” the Financial Services Authority said. “They resulted in an unacceptable risk of Coutts handling the proceeds of crime.”

Coutts, part of the Royal Bank of Scotland Group, specializes in private banking and wealth management. Known as the banker for Queen Elizabeth II, Coutts offers free current accounts to customers who invest at least 250,000 pounds. The division reported an operating profit of 321 million pounds in 2011.

The bank said the fine related to activity between 2007 and 2010.

“Since the FSA first raised its concerns, we have implemented a number of improvements to prevent any recurrence of these failings,” said Rory Tapner, chief executive of RBS’ Wealth division. “Regulatory reforms continue apace.”

The FSA said it found deficiencies in three-quarters of the files on high-risk and politically exposed clients that it reviewed.

The investigation which began in October 2010 identified four issues: failure to establish the source of wealth and funds of prospective high-risk customers; failure to identify or assess intelligence about such customers and take appropriate steps; failure to keep files on high-risk customers up to date; and failure to scrutinize transactions made through their accounts.

“Coutts was expanding its customer base which increased the number of high-risk customer relationships,” said Tracey McDermott, acting director of enforcement and financial crime.

“The regulatory environment in relation to financial crime had also changed. It is therefore particularly disappointing that Coutts failed to take appropriate steps to manage its anti-money laundering risks.”

Coutts dates its history to 1692 when John Campbell opened shop as a goldsmith banker in The Strand.

Illustrious clients have included Charles Dickens, William Pitt, the Duke of Wellington, David Livingstone, P.T. Barnum and Frederick Chopin.

Coutts has served as royal banker since the time of King George III in the 18th century, according to The London Encyclopedia.

The bank got a 30 percent discount on the maximum FSA fine by agreeing to settle at an early stage, the agency said.

In a review published last year, the FSA reported widespread failings among British banks on managing high-risk accounts. For example, it said three-quarters of banks it studied failed to adequately check the legitimacy of a prospective client’s funds, while more than half failed to identify or record adverse information about a client.

Monday, February 27, 2012

2008:USA BANKS KEPT SOLVENT WITH DRUG CARTEL MONEY

I'm not advocating this is a good thing by publishing this, quite the opposite. This is why medical marijuana is illegal.  Keeps the price high on a drug that is far safer than most anti-depressant prescription drugs.


At the height of the 2008 banking crisis, Antonio Maria Costa, then head of the United Nations office on drugs and crime, said he had evidence to suggest the proceeds from drugs and crime were "the only liquid investment capital" available to banks on the brink of collapse.Inter-bank loans were funded by money that originated from the drugs trade," he said. "There were signs that some banks were rescued that way."


http://wikileaks.org/gifiles/docs/1115826_re-us-bank-dirty-money-.html