»
you're reading...
MemberCheck AML Compliance Service

Multimillion-Dollar Real Estate Ponzi Schemer Indicted For Fraud And Money Laundering


From at least 2006 through October 2009, Connolly orchestrated a real estate investment fraud scheme in which he took in more than $50 million from more than 200 victims, causing losses of at least $9 million.

To induce victims to invest, Connolly made various types of materially false and misleading statements and omissions. He told victims their money would be used to purchase a specific property, and the property would generate rental income that would be used to pay investors monthly distributions. Connolly also told victims their money would be held in escrow until the closing of a purported real estate transaction and each property would be financially independent from all the others. Connolly misrepresented the amount of equity victims had in the properties, the condition of the properties, and the financial performance of the properties.

Connolly took significant portions of his victims’ money, which had been provided for specific real estate transactions, and used it for other purposes, without disclosing the diversions of funds to victims. These included funding unrelated real estate transactions in which Connolly was engaged; paying prior victims; and paying himself. The scheme collapsed in the summer of 2009, after Connolly began to default on the mortgage payments for the investment properties.

Justice.gov press release link: here

AML timeline on Historical scale:
A historical timeline scale listing various sanctions and fines on financial institutions etc (each linked to the Sanctions and Fines section of AMLabc for details)! For more details: click here
AML/Compliance Certifications
Do you know how many AML certifications are out there? This page gives you a list of AML certifications available out there. For more details: click here
AML software vendors:
This list was prepared to get all the known AML software vendors at a single location. For more details: click here
Screening software vendors:
Same as AML software vendors this list provides a list of Screening solution vendors available in the market. For more details: click here
Financial Investigation Units (FIU's) worldwide:
Sometimes you search for FIUs and wonder where to find them. This page shows all FIUs on a world map including AML news hosted on AMLabc from that country. For more details: click here
Subscribe to RSS Feeds Subscribe to e-mail Like us on Facebook Follow on Twitter
Different ways money laundering can be identified October 29, 2011
Different ways money laundering can be identified: For more click here
These Islands Aren’t Just a Shelter From Taxes May 7, 2012
These Islands Aren’t Just a Shelter From Taxes: For more click here
Dow Jones / Celent: Achieving Global Sanctions Compliance: Challenges and Solutions November 28, 2011
Dow Jones / Celent: Achieving Global Sanctions Compliance: Challenges and Solutions: For more click here
Steven Blackwell Pleads Guilty in Multi-Million Dollar Heroin and Money Laundering Conspiracy November 24, 2011
Steven Blackwell Pleads Guilty in Multi-Million Dollar Heroin and Money Laundering Conspiracy: For more click here
Report: Secret structures, hidden crimes: Urgent steps to address hidden ownership, money laundering and tax evasion from developing countries January 23, 2013
Report: Secret structures, hidden crimes: Urgent steps to address hidden ownership, money laundering and tax evasion from developing countries: For more click here
UK SOCA publishes Annual report for 2011-12 July 7, 2012
UK SOCA publishes Annual report for 2011-12: For more click here
*Picked randomly from AMLabc repositoryFor more AML Case Studies: click here
FinCEN Takes Action to Protect U.S. Financial System July 23, 2014
FinCEN Takes Action to Protect U.S. Financial System: For more click here
Odenton man sentenced in waste oil money laundering scheme July 16, 2014
Odenton man sentenced in waste oil money laundering scheme: For more click here
Las Vegas Attorney Sentenced to Prison for Laundering Client’s Fraud Money July 16, 2014
Las Vegas Attorney Sentenced to Prison for Laundering Client’s Fraud Money: For more click here
Nepal: Banking crimes, money laundering cases on the rise July 16, 2014
Nepal: Banking crimes, money laundering cases on the rise: For more click here
FinCEN: Georgia Check Casher Penalized for Repeated BSA Violations July 16, 2014
FinCEN: Georgia Check Casher Penalized for Repeated BSA Violations: For more click here
Former N.J. Lawyer Admits $40.8 Million Mortgage Fraud Scheme July 8, 2014
Former N.J. Lawyer Admits $40.8 Million Mortgage Fraud Scheme: For more click here
For more AML news: click here
Former Hamilton Township, N.J., Official Admits Laundering Bribe Money Allegedly Paid to Mayor July 1, 2012
Former Hamilton Township, N.J., Official Admits Laundering Bribe Money Allegedly Paid to Mayor: For more click here
Some hypothetical cases of credit cards abused for money laundering June 8, 2012
Some hypothetical cases of credit cards abused for money laundering: For more click here
Case Study: Anti-Money Laundering Analysis with Spotfire June 20, 2012
Case Study: Anti-Money Laundering Analysis with Spotfire: For more click here
Hong Kong: Guideline on Anti-Money Laundering and Counter-Terrorist Financing (2012) January 30, 2012
Hong Kong: Guideline on Anti-Money Laundering and Counter-Terrorist Financing (2012): For more click here
ING Bank N.V. Agrees to Forfeit $619 Million for Sanctions Violations June 12, 2012
ING Bank N.V. Agrees to Forfeit $619 Million for Sanctions Violations: For more click here
OCC Issues Cease and Desist Order Against Citibank, N.A April 6, 2012
OCC Issues Cease and Desist Order Against Citibank, N.A: For more click here
http://at.amlabc.com/XlNPxM
Ascent AML softwares

Search the right AML job for you

About me

An AML consultant by profession and believer of "sharing is caring" concept, I am using this website to gather every money laundering info spread across the INTERNET. View Abhishek  Dwivedi's profile on LinkedIn

more...

Search the right AML job for you