SCV MAN ARRESTED IN LAUNDERING CASE.Byline: Daily News A Canyon Country man was arrested this week on suspicion of money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. and other charges in connection with an investment scheme that netted more than $720,000, FBI officials said Friday. John K. Robinson, 31, was arrested at his Galeton Road home after being indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. on four counts of money laundering, 10 counts of interstate transportation of stolen property and 12 counts of fraud by wire. Authorities said a joint investigation by the St. Louis offices of the FBI and the Criminal Investigations Department of the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. found that Robinson and two other men had been selling what they referred to as guaranteed insurance contracts which were supposedly issued by a syndicate of European insurance companies. Timothy P. McNally, the assistant director in charge of the Los Angeles FBI, said five people in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and New Jersey invested a total of $720,000 based on representations that their money was being pooled to invest in the contracts, which claimed returns to be as high as 30 percent per quarter. McNally said the investors were told that their money had been placed in a secured time deposit account at Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. in New York. He said the investigation showed that the funds had been wired out of the account at Chase to accounts under the control of Harry J. Walker in Pennsylvania and Leon J. Howard in St. Louis, the two other suspects in the case. Robinson established an account in Los Angeles, McNally said. Robinson was transported from the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. Sheriff's station Thursday to Los Angeles and is scheduled to appear before a U.S. magistrate. The men are being held in lieu of $25,000 bail each. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion