Victor Phillips, Bank Bribery, New York 2020

Banker Pleads Guilty to Facilitating Laundering of Fraud Proceeds

In a shocking turn of events, Victor Phillips, a 39-year-old banker, has pleaded guilty to conspiracy to commit bank bribery in New York federal court. Phillips, who was employed at an Atlanta-area branch of a national bank, opened bank accounts in the names of shell companies and fictitious persons in exchange for a percentage of fraud proceeds that others laundered through those accounts.

According to the allegations, between June 2019 and September 2019, Phillips opened these accounts at the behest of a codefendant, who plotted to move approximately $2 million in fraud proceeds through Phillips's corruptly established account. Phillips, along with his co-conspirators, were ultimately identified and arrested in the course of a money laundering investigation overseen by the Federal Bureau of Investigation's New York Money Laundering Investigation Squad.

As he admitted in court today, banker Victor Phillips conspired to facilitate the laundering of what he believed were the proceeds of criminal activity. Thanks to the FBI, Phillips now awaits sentencing for his crime.

U.S. Attorney Geoffrey S. Berman said: “As he admitted in court today, banker Victor Phillips conspired to facilitate the laundering of what he believed were the proceeds of criminal activity. Thanks to the FBI, Phillips now awaits sentencing for his crime.”

Phillips pled guilty to one count of conspiracy against the United States, which carries a maximum punishment of five years in prison. Sentencing is scheduled for June 4, 2020, at 2:00 p.m., before U.S. District Judge William H. Pauley III, to whom the case is assigned.

The case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant United States Attorneys Kiersten A. Fletcher, Jonathan E. Rebold, and Andrew A. Rohrbach are in charge of the prosecution.

Mr. Berman praised the outstanding investigative work of the FBI.

Source: https://www.justice.gov/usao-sdny/pr/bank-insider-pleads-guilty-bribery