Proven Federal Criminal Defense Lawyer Fights Money Laundering Charges in New Jersey
Aggressive defense representation to protect your business and your liberty
How does a drug dealer live the high life without attracting the attention of the IRS? Ever since Al Capone was imprisoned for income tax evasion, people involved in organized crime have had to figure a way to freely spend their ill-gotten gains. Money laundering is the process by which a criminal enterprise “cleans” its funds, so their money appears to be revenue derived from a legitimate business. Unfortunately, federal law enforcement’s actions can mean that anyone who runs a cash business or frequently transfers large sums of money may come under suspicion. If you learn that your business is under investigation, you should immediately retain an experienced federal crime defense lawyer. When you call the Law Office of David Jay Glassman, you get a dedicated and accomplished lawyer with more than 35 years of experience who is determined to fight for you.
The basics of money laundering in New Jersey
Common schemes to launder money include:
- Casinos and racetracks — Gambling venues are easily exploited. For example, you could buy a tall stack of chips for cash and then later return them and receive a cashier’s check. The funds are now legal gambling proceeds. You could also make bets on horse races in ways that assure a net profit, thereby converting your cash into verifiable gambling winnings.
- Life insurance — A launderer can purchase a single-premium life insurance policy for cash and then after a short time redeem it for its cash value.
- Securities — A launderer can purchase stocks with cash and then sell later. The income is then recorded, and capital gains taxes must be paid.
- Cash heavy businesses — Restaurants, bars, dry cleaners, car washes and other businesses where patrons typically pay cash are useful instruments for converting illicit funds into reported income.
According to one federal money laundering statute, a violation occurs when a person “conduct[s] or attempt[s] to conduct a financial transaction, knowing that the property involved in the financial transaction represents the proceeds of some unlawful activity…and the property must in fact be derived from a specified unlawful activity.” This means that federal prosecutors must prove the defendant had specific knowledge and specific intent. Prosecutors must also prove the funds are the product of illegal activity. However, if the transaction involves $10,000 or more of illegal funds, the prosecution only has to prove knowledge, not willful intent, as well as the criminal origin of the funds.
Penalties for money laundering under federal law
The penalties for money laundering are stiff. In cases where a defendant has knowledge and intent, a conviction can draw up to 20 years in prison, along with a fine of $500,000 or twice the amount involved in the transaction, whichever is greater. There are also civil penalties up to the greater amount of $10,000 or the value of the funds involved in the transaction.
When the case involves $10,000 or more of illegal funds but no specific intent, the law allows a maximum penalty of 10 years in prison and maximum fine of $250,000 or twice the value of the transaction. There are no civil penalties.
Why you need an experienced attorney for a money laundering charge
If you face a money laundering investigation, you’re going up against the U.S. Department of Justice with its highly trained and zealous investigators and prosecutors. When you retain our services, you get a proven attorney, experienced in federal court, with the skill and resources to succeed at that level.
Contact a top-rated New Jersey lawyer for your money laundering defense
The Law Office of David Jay Glassman provides aggressive defense to federal money laundering charges throughout New Jersey. To arrange a free consultation, call 866-221-1270 or contact us online. We have offices in Marlton, New Brunswick, Hackensack and Newark.