May 23, 2016
US citizen pleads guilty in stock, money-laundering scheme
NEW YORK, United States (AP) — 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.
US attorney Robert L Capers announced the plea Monday by Robert Bandfield of IPC Corp.
Capers says Bandfield, a US 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 US$1 million.
