Skeptic
Skeptic
Joined: Dec 9, 2015
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December 10th, 2015 at 8:41:18 AM permalink
Not sure where to post this but thought it'd be of interest:

Twenty-Five People Charged as Members of $10 Million Illegal Gambling and Money Laundering Operation....

https://www.fbi.gov/sandiego/press-releases/2015/twenty-five-people-charged-as-members-of-10-million-illegal-gambling-and-money-laundering-operation

Very long quotation removed by management.

Poster given official warning for over-quoting.
muleyvoice
muleyvoice
Joined: Nov 14, 2015
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December 10th, 2015 at 9:22:00 AM permalink
The wheels of justice grind slowly. In 2008 the feds knew about this and were investigating Fat Dave in his home town of Philly. He was traveling back to Phili to divide his share with Bent Finger Lou in 2008.

http://articles.philly.com/2008-07-23/news/25246922_1_bookmaking-investigators-joey-merlino
GWAE
GWAE
Joined: Sep 20, 2013
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December 10th, 2015 at 10:41:15 AM permalink
I don't understand money laundering. So if someone has 10mil made through illegal activities, why do they launder it? Wouldn't it be smarter to just keep it as cash and hide it, or do they worry they it would through flags that they can buy a car with cash with no reportable income?
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DMSCR
DMSCR
Joined: Apr 15, 2012
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December 10th, 2015 at 11:47:00 AM permalink
If you pay your taxes it is a business and enterprise. If not you are an absolute poop stain to be crashed on. LOL.
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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December 10th, 2015 at 11:50:19 AM permalink
That's a bummer. Seven Mile is fairly new, having just opened recently. I am not sure how involved they are in the illicit activities, but it seems the indictment is mixing the sports booking with the "Mansion" casino. An on again, off again mansion would not make nearly as much as the book; even less so if they offered poker.
Simplicity is the ultimate sophistication - Leonardo da Vinci
terapined
terapined
Joined: Dec 1, 2012
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December 10th, 2015 at 12:11:06 PM permalink
Every year my company requires every single employee to take an anti-money laundering training class for about an hour or 2
I work for a large financial company that never ever wants to be caught money laundering
"Everybody's bragging and drinking that wine, I can tell the Queen of Diamonds by the way she shines, Come to Daddy on an inside straight, I got no chance of losing this time" -Grateful Dead- "Loser"
MrV
MrV
Joined: Feb 13, 2010
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December 10th, 2015 at 1:09:13 PM permalink
Could someone briefly explain how money laundering through a casino would work?
"What, me worry?"
waasnoday
waasnoday
Joined: Jan 13, 2015
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December 10th, 2015 at 1:41:16 PM permalink
A typical example of money laundering in a casino would be if a patron came in and exchanged a large cash for chips, plays one or two hands and then cashes out. Same thing with slot machines. Patron comes in, feeds a large amount of cash into the machine, spins a couple times and then gets a TITO and cashes out. In both cases the customer has tried to hide the original source of the funds as casino wins. This website would probably be more informative: https://www.fincen.gov/
GWAE
GWAE
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December 10th, 2015 at 1:51:06 PM permalink
But what is the point of that? I could see if it was counterfeit but if it is real money then why do they need to get chips then cash out? To get different serial numbers would be my only other guess but that would only matter for stolen money.
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beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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December 10th, 2015 at 2:12:34 PM permalink
Quote: GWAE

But what is the point of that? I could see if it was counterfeit but if it is real money then why do they need to get chips then cash out? To get different serial numbers would be my only other guess but that would only matter for stolen money.



I've heard of drug deals getting "seeded" with marked or recorded bills (where only a few are special so it's hard to tell there's any attention to them). Then they track the spending so they can back-track the laundering. Not an expert in this, just read something about it.
If the House lost every hand, they wouldn't deal the game.

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