PONZI SCAMMER GETS FOUR YEARS FOR MONEY LAUNDERING >
DIFFERENT POINT OF VIEW by Fred Kohx >
Executive Founding Member for WANTED SA >
Thursday November 11, 2010 >
WANTED SA was informed today that a Miami Beach wine merchant, allegedly linked to organized crime who was stung by indicted billion-dollar Ponzi schemer/employment attorney Scott Rothstein, has been sentenced* to four years in Federal Prison by a United States District Judge in Fort Lauderdale.
Roberto Settineri who pled guilty to money laundering conspiracy charges agreed to launder funds for Rothstein, but the Ponzi schemer was working with Law Enforcement at the time. Rothstein asked Settineri to launder $10 Million USD of what was represented to be criminal proceeds.
This case is a classic illustration of one of the dangers of any interaction with Ponzi schemers; when they fall down, they seek to take others with them, to reduce their sentence.
In this case, Settineri was not involved in the massive Ponzi scheme, but was later persuaded to assist Rothstein in destroying evidence, and to launder criminal proceeds.
It is of vital importance that you identify, and exclude, Ponzi schemers from your bank, lest they seek to entrap your unwary staff, whose ministerial acts may constitute criminal conduct, or other bank clients.
* United States vs. Roberto Settineri et al, Case No.: 0:10-CR-60015-JIC (SD FL) .
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