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Weekly Roundup: Florida Lawyer in $1 Billion Scheme, FDIC Dings Banks for BSA, ABA Calls for Revised CTR Estimates, and More
printThe prosecution of high-profile, alleged Ponzi schemes kept money laundering in the headlines this week as a federal court convicted a Minnesota businessman for bilking investors of $3.5 billion and investigators arrested a well-known Florida lawyer for allegedly stealing over $1 billion. On Wednesday, jurors in St. Paul convicted Tom Petters on 20 counts of wire fraud, money laundering, mail fraud and conspiracy. Prosecutors said that Petters operated his Ponzi scheme by inflating the sales numbers of his surplus merchandise business, using the money instead to fund a lavish lifestyle until an employee informed the police of the fraud and...
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