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Money Laundering Scheme Rocks Slidell Community
RICHARD ZANCO, a 44-year-old man from Slidell, Louisiana, has pleaded guilty to money laundering, announced United States Attorney Kenneth Allen Polite, Jr. in a shocking turn of events.
According to court documents, in May 2012, Zanco learned that someone had opened a brokerage account in his name and used it to acquire collateralized mortgage obligations (CMOs), a type of bond that bore value from interest generated upon its sale, by fraudulent means.
Even though he knew that the CMOs did not belong to him, Zanco gained control of the accounts and arranged for the interest proceeds of the CMOs to be diverted to other financial accounts under his control. Between March 11, 2013, and September 19, 2013, Zanco used the funds, totaling approximately $343,998.82, to engage in a variety of financial transactions for his personal use, including purchasing multiple automobiles and at least one boat.
Zanco’s actions have left the community stunned, and the authorities are breathing a sigh of relief after a long and complex investigation. Agents from the Federal Bureau of Investigation and the Internal Revenue Service worked tirelessly to unravel the web of deceit and bring Zanco to justice.
Assistant United States Attorneys Jordan Ginsberg and Dan Friel have been instrumental in the prosecution of this case, and their efforts have been praised by authorities and the community alike.
Zanco now faces a maximum penalty of ten (10) years, followed by up to three (3) years of supervised release, and a $250,000 fine. Sentencing has been scheduled before Judge Susie Morgan for July 2, 2014.
The community is left to wonder how someone could so callously and recklessly engage in money laundering, but one thing is clear: Zanco’s actions will not be tolerated, and justice will be served.
As the investigation continues, the authorities are urging anyone with information to come forward and assist in bringing other perpetrators to justice.
In the meantime, the people of Slidell can rest easier knowing that justice is being served and that the rule of law will prevail.
Key Facts
- State: Louisiana
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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