laundering

Swindall Convicted of Lying in Probe of Money Laundering

Former Rep. Pat Swindall was convicted today of nine counts of perjury for lying to a federal grand jury about a money-laundering scheme.

The 38-year-old conservative Republican, who served two terms in Congress from Atlanta’s suburbs before being defeated in November, could receive up to five years in prison plus fines of $250,000 on each count at sentencing Aug. 25.

Swindall left the courtroom saying he was “numb, disappointed, but not terribly surprised,” as his wife, Kim, stood behind him, wearing a lilac maternity dress and clutching his hand.

‘Have Been Forgiven’

“I had said months before that I had gotten into something,” Swindall said, referring to a tearful apology he issued after the case became public last year. “I confessed publicly and openly, and for that I feel I have been forgiven by God and my constituents.

“I’m prepared to do whatever I have to do. If I have to go to prison, I’ll go to prison and I’ll have a good attitude about it.”

The jury deliberated 17 hours over four days after nearly four weeks of testimony. Swindall was indicted in October on 10 counts of perjury. U.S. District Judge Richard C. Freeman dismissed one count during the trial.

The former congressman was accused of lying to a grand jury in 1988 about his 1987 negotiations with an IRS agent posing as a drug-money launderer and with Swindall associate Charles LeChasney, later convicted of money laundering.

Among other things, Swindall was found guilty of perjury for denying that he had been told that the $850,000 he was seeking from the agent to finish building his luxurious home contained proceeds from drug trafficking.

Appeal Planned

Swindall’s chief attorney, Richard Hendrix, said he will appeal.

Swindall, a lanky, boyish lawyer, went to Congress in 1984 from the city’s affluent eastern suburbs as a conservative, fundamentalist Christian. Under the cloud of the perjury indictment, he lost to Democrat Ben Jones, who appeared in “The Dukes of Hazzard” television series.

The jury heard secretly taped conversations with the undercover agent, Mike Mullaney, in which Swindall was told that the $850,000 “certainly” included drug money and that he would be part of an operation to “wash” cash. Swindall proposed that a mortgage company be set up by LeChasney as a “buffer” to allow him to “borrow” the agent’s money.

In their last conversation after Swindall had received a $150,000 advance, he told Mullaney, “If Charles wants to launder y’all’s money, fine. But I can’t do that. . . . I can borrow the money from Charles.”

Swindall was a largely unknown lawyer and furniture store owner when he was elected in an upset in 1984, toppling veteran Democrat Elliott Levitas.

‘Biblical Score Card’

Swindall, a Presbyterian, took his campaign to evangelical churches, distributing a “Biblical score card” in his race against Levitas, who is Jewish.

In his two terms, Swindall staunchly voted with the Reagan right and acquired a reputation as somewhat of a gadfly, voting against such popular programs as school lunch funding and aid to African famine victims. He filed a brief with the Supreme Court advocating the teaching of “creationism” in schools.

Source link

U.S. sanctions crypto exchanges for laundering Iranian military assets

Aug. 7 (UPI) — The Trump administration on Friday sanctioned a multinational network of crypto exchanges that authorities say Iran has been using to launder billions of dollars to fund its military.

The sanctions target United Arab Emirates-based Shelbit Exchange, which authorities say has been laundering money by running it through a large gambling website on behalf of the Iranian government.

The move comes as retaliation for Iranian attacks again commercial vessels in the Strait of Hormuz this week, State Department officials said.

Treasury officials said Iran uses a sprawling network of corporate entities to obscure the origin of the funds and launder money to benefit the Islamic Revolutionary Guard Corps.

“The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working,” said Treasury Secretary Scott Bessent, in a statement, referencing the government’s operations to target Iran’s funding network.

The executive who runs the operations, Iran-born expatriate Siavash Kayvanpour, has also been sanctioned.

Kayvanpour’s network of crypto exchanges allegedly includes operations in the Republic of Georgia and Poland, as well as other outfits in the UAE.

The U.S. is also sanctioning Aban Tether, an Iran-based crypto exchange, for processing Iranian assets through Nobitex, Wallex, Bitpin and Ramzinex.

“We will continue to increase the economic pressure,” Bessent said in a statement. “Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.”

On Friday, the Senate also passed a bill sanctioning Iran, targeting its energy and weapons manufacturing industries.

Source link

Capital One closed Trump Org accounts over money laundering concerns

President Donald Trump and his son Eric Trump, walk to Marine One on the South Lawn of the White House, on April 10 in Washington, D.C. Capital One attorneys said in court documents that the bank closed the Trump Organization’s accounts over concerns about money laundering. File Photo by Al Drago/UPI | License Photo

Aug. 3 (UPI) — Capital One attorneys said in court documents that the bank closed the Trump Organization’s accounts over concerns about money laundering.

Attorneys for the bank have asked a federal judge to dismiss a lawsuit brought by President Donald Trump over it closing hundreds of Trump Organization accounts in 2021. The motion filed by Capital One on Friday clarifies that money laundering concerns were the reason the accounts were closed.

“The closures were the result of months of analysis and a careful review by Capital One’s [anti-money-laundering] team in accordance with bank policies and regulatory guidance,” the court files read.

Trump argues that banks have “debanked” him and other conservatives for their political views. This followed the Jan. 6, 2021, riot at the U.S. Capitol. He has also filed a lawsuit against JPMorgan Chase for the same allegations and sought $5 billion in damages.

Capital One argues that the Trump Organization’s accounts were closed in a lawful manner.

“Instead, Plaintiffs attempt to keep their misguided allegations of political discrimination alive by speculating that Capital One’s anti-money laundering concerns were pretextual and claiming that Plaintiffs were somehow ‘misled’ by the contractually permitted closure decision,” the court filings read.

The bank adds that its contracts with clients give it the discretion to close any account “at any time, for any reason or no reason and without notice.”

About 385 accounts with ties to the Trump Organization, Executive Vice President Eric Trump and other affiliated businesses were closed in total.

In March, U.S. District Judge Roy Altman granted a previous motion by Capital One to dismiss the initial lawsuit that allowed Trump a limited window to refile. Trump and plaintiffs since filed an amended complaint that Capital One says suffer from “the same fundamental flaws as their prior two pleadings.”

If Capital One’s latest motion for dismissal is granted, the Trump Organization will be barred from filing another lawsuit.

Source link