Arab Today, arab today founder of online underworld bank jailed for laundering billions
Last Updated : GMT 00:00:20
Arab Today, arab today
Arab Today, arab today

For criminals was sentenced Friday

Founder of online underworld bank jailed for laundering billions

Arab Today, arab today

Arab Today, arab today Founder of online underworld bank jailed for laundering billions

Authorities said Liberty Reserve
New York - Arab Today

The founder of an online underworld bank that allegedly laundered billions of dollars for criminals was sentenced Friday to 20 years in prison.

Arthur Budovsky, 42, had pleaded guilty to one count of conspiring to commit money laundering on January 29, three days before the scheduled start of his trial in New York.

He was also ordered to pay a $500,000 fine by US District Judge Denise L. Cote, who noted that Budovsky did not express any "genuine remorse".

"The significant sentence handed down today shows that money laundering through the use of virtual currencies is still money laundering, and that online crime is still crime," Assistant Attorney General Leslie R. Caldwell for the Justice Department’s Criminal Division said in a statement.

"Liberty Reserve founder Arthur Budovsky ran a digital currency empire built expressly to facilitate money laundering on a massive scale for criminals around the globe," US Attorney Preet Bharara for the Southern District of New York was quoted as saying.

Prosecutors said Costa Rica-based Liberty Reserve operated an alternative digital currency that helped cyber criminals around the world distribute, store and launder the proceeds of illegal activity.

The company was a "financial hub" for Ponzi scheme operators, credit card traffickers, identity thieves, hackers and other criminals, authorities said.

The system became operational in 2005. By the time it was shut down in 2013, Liberty Reserve had more than 5.5 million user accounts, including more than 600,000 in the United States, the US Department of Justice said. 

Overall, it had processed more than 78 million financial transactions with a combined value of more than $8 billion.

The digital exchange mechanism, which allowed depositors to mask their identities, was similar to Bitcoin and other digital currencies.

Budovsky, who was arrested in Spain in May 2013, had renounced his US citizenship and acquired Costa Rica nationality in an apparent bid to avoid prosecution.

As part of his plea agreement, Budovsky admitted to laundering between $250 million and $550 million in criminal proceeds linked to US-based Liberty Reserve accounts.

Six other people with ties to Liberty Reserve face charges in the case that involved police and investigators from 17 countries.

Co-defendants Maxim Chukharev and Mark Marmilev, who also pleaded guilty, were sentenced to three and five years respectively.

Two others are set to be sentenced on May 13, while another two remain at large.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today founder of online underworld bank jailed for laundering billions Arab Today, arab today founder of online underworld bank jailed for laundering billions

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today founder of online underworld bank jailed for laundering billions Arab Today, arab today founder of online underworld bank jailed for laundering billions

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday