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Money Laundering Kingpin Sentenced to 120 Months
A Brooklyn man has been sentenced to 120 months in prison for his role in a massive money laundering scheme, officials announced today. Michael Kardonick, 58, was found guilty of conspiracy to commit money laundering and ordered to pay restitution in the amount of $2,164,059 to victims of the scheme.
According to investigators, Kardonick participated in a scheme to defraud investors who had invested approximately $2.5 million in international currency trading investments through the company Atwood & James S.A. between January 2004 and July 2008. The scheme involved using the mail and wire communications to facilitate the execution of the fraud, and Kardonick used the illegally obtained investor proceeds to promote the scheme, in violation of federal money laundering provisions.
The investigation into Kardonick’s activities was a result of a joint effort by the Federal Bureau of Investigation, the United States Postal Inspection Service, and the Internal Revenue Service, Criminal Investigation Division. The case was prosecuted by Assistant U.S. Attorney Bradley E. Tyler.
U.S. District Judge Charles J. Siragusa handed down the sentence, which is the culmination of an investigation that involved Special Agents of the Federal Bureau of Investigation, under the direction of Acting Special Agent in Charge Richard M. Frankel, the United States Postal Inspection Service, under the direction of Inspector in Charge Kevin M. Niland, and the Internal Revenue Service, Criminal Investigation Division, under the direction of Special Agent in Charge Toni Weirauch.
The sentencing is a major victory for law enforcement and a warning to those who would engage in similar activities. It also marks a significant milestone in the efforts of President Barack Obama’s Financial Fraud Enforcement Task Force, which was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
As part of the task force, the agencies involved in the investigation have been working together to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: DOJ Press Release ↗
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