News

A network of at least 11 brothels in midtown Manhattan that was investigated and dismantled last year used dozens of personal and commercial accounts at some of the largest financial institutions in the United States to deposit more than $1.4 million in cash over five years. In addition to using banks accounts, conspirators within the network, which was much more elaborate and sophisticated than previously reported and continues to generate indictments, also converted cash profits from prostitution into precious metals, prepaid cards and an unspecified sum of bitcoins, court records show. A person familiar with the case told ACAMS moneylaundering.com...