Money Laundering is a complex type of fraud, which involves a conglomerate of participants, resources, and circumstances. It’s a criminal activity classified as a white-collar offense with a rich history and global cases. It is wrapped around illegal financial transactions with the objective to hide the criminal nature of the income. Sometimes this term is applied to other aspects of financial crimes, like violation of the securities, digital currencies, credit cards, traditional currency, terrorism financing and evasion of international sanctions. The penalties for these felonies vary according to the level of severity.
United States Federal Law does everything in its power in order to combat the continuing growth of criminal organizations. One of the countermeasures initiated in 1970, is an Act relating to the control of organized crime in the United States, also known as RICO (OCCA).
RICO stands for Racketeer Influenced and Corrupt Organizations Act. This term applies to a Federal Law, designed to combat organized groups running illegal business (i.e. racketeering), which may include the importation and sale of illegal drugs, gambling, money laundering, prostitution rings, bribery, drug trafficking, slavery, or any act involving murder, kidnapping, arson, robbery, extortion, dealing with obscene matter, terrorism, bankruptcy or security fraud, helping aliens to enter illegally the country, dealing with controlled substance, etc. Continue reading
The modern media popularizes the life of reach and beautiful. Everyone would like to have a better live and sometimes the desire of having more money or goods may lead to unlawful criminal actions. Some people think that stealing is the easiest way to get richer and that is the reason why larceny or theft are committed so often.
Criminal law basically categorizes larceny as a form of theft that means taking of someone else’s property without using force from the location different from their home.
Larceny consists of unlawful taking of person’s property and carrying it away. In this case someone else’s property means that the larceny occurs when the property belongs to someone else. If the property is co-owned and it was stolen from the co-owners by another one, it is also larceny. Larceny occurs without the owner’s consent, what means that the owner didn’t give his approval to remove the property, and the taker’s intent is to permanently deprive the owner of use of his or her property.
On August 30, 2012, Mayer Brown’s former Chief Information Officer (“CIO”) David Tresch was arrested by the FBI for embezzling more than $850,000 over the past year. The government’s complaint alleges that Tresch approved $980,000 in payments to an IT vendor for work that hadn’t been performed between May 2011 and May 2012, and the vendor sent him checks totaling $854,250. Mayer Brown paid the IT vendor almost $8 million between November 2004 and March 2011. It has also been alleged that Tresch had a financial interest in the IT vendor and had received nearly $1.3 million from the vendor between 2005 and 2001.
Tresch had worked at Mayer Brown, one of Chicago’s oldest, largest and most prominent Chicago law firms since 2005.
It was reported that much of the illegal proceeds were spent on a fleet of vehicles, including a Cadillac DTS, an RV camping trailer, a work van and a mobile home. FBI agents seized Thursday approximately $210,000 in bank accounts controlled by Tresch, as well as a camping trailer, a van, and a luxury automobile. Tresch was released on a $100,000 partially-secured bond.
For additional information, please read the Above the Law Blog Posting by Christopher Danzig entitled: Mayer Brown’s Former CIO Charged With Defrauding the Firm Out of a Whole Bunch of Money