Defendant pleads guilty in stock, money-laundering scheme
Corporate Law
Federal prosecutors in New York say a Belize resident has pleaded guilty to money laundering conspiracy for helping clients profit off illegal stock trades and then laundering more than $250 million.
U.S. Attorney Robert L. Capers announced the plea Monday by Robert Bandfield of IPC Corp.
Capers says Bandfield, a U.S. citizen, incorporated more than 5,000 shell companies in Belize and the West Indies for securities and tax fraud schemes.
Money was laundered through pre-paid debit cards.
He faces up to 20 years in prison. He's agreed to forfeit $1 million.
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Thai National Sentenced, Faces Deportation for Operating Immigration Fraud Scheme
Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000.
The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.
“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”
At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.