Defendant pleads guilty in stock, money-laundering scheme
Corporate Law
Federal prosecutors in New York say a Belize resident has pleaded guilty to money laundering conspiracy for helping clients profit off illegal stock trades and then laundering more than $250 million.
U.S. Attorney Robert L. Capers announced the plea Monday by Robert Bandfield of IPC Corp.
Capers says Bandfield, a U.S. citizen, incorporated more than 5,000 shell companies in Belize and the West Indies for securities and tax fraud schemes.
Money was laundered through pre-paid debit cards.
He faces up to 20 years in prison. He's agreed to forfeit $1 million.
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