California Money Laundering Convictions Come With a Host of Consequences

October 27, 2012

A highly publicized San Francisco money laundering case wrapped up recently when the defendant was found guilty and sentenced to five years in a California state prison.

The Case Against Keith Wilson

Prosecutors presented compelling evidence during the trial proving that Wilson had bilked an untold number of victims out of nearly $400,000 since 2006. Wilson drew investors in with a proposal to purchase distressed real estate, make improvements and then "flip" the property to turn a profit. The money was never invested, however, but was spent by Wilson for personal use and for charitable contributions. He faced charges involving money laundering and aggravated white collar crime in violation of California Penal Code (CPC) Sections 186.10 and 186.11.

What Is Money Laundering?

Most people have heard the term "money laundering," but if you were to ask someone to define what it is, he probably wouldn't even know where to begin. For something that has the amount of television and movie presence as money laundering, it is nebulous. In its most basic form, though, money laundering is using one or more financial transactions to either hide evidence of a prior crime or to further a future criminal act.

In order to convict someone of a single count of money laundering, the prosecution must show that the defendant's actions met a number of criteria, including:
- Using a qualifying financial transaction like a deposit, transfer, wire transfer, withdrawal, bill payment or opening of an account
- If the value of the financial transaction (or transactions) is less than $5,000, then it must have taken less than seven days from start to finish
- If the value of the financial transaction or transactions is over $25,000, then all criminal activity must have taken place within 30 days
- That the defendant intended to participate in money laundering (by purposely using a financial transaction to further the commission of a crime or by undertaking a transaction knowing that the money came from criminal sources).

Of course, if the defendant had more than one period of seven days where he or she moved around funds up to $5,000 (or 30-day period where up to $25,000 was involved), then each instance would be charged as a separate count.

Convictions for money laundering -- and other white collar crimes like fraud, embezzlement or forgery -- come with serious consequences like hefty fines and lengthy jail terms. If you are facing money laundering charges, you need to mount an aggressive defense. A great way to begin protecting your rights and fighting the accusations against you is to speak with a skilled criminal defense attorney in your area.

Article provided by The Law Offices of Mark J. Werksman
Visit us at www.werksmanlaw.com