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An ongoing investigation against the Bicycle Hotel and Casino in Bell Gardens, a city in Los Angeles, resulted in federal agents raiding the casino and closing the gambling floor this week.
Since the warrant issued for the raid by a federal district court judge was filed under seal, there are only a few details about the investigation. However, this same casino was found, after a 1991 investigation, to have been built using drug money. Although numerous gamblers speculated that the raid was a result of rigged gaming tables, unnamed media sources clarified that the casino is under investigation for money laundering. Casino patrons holding stacks of chips will be pleased to know that the casino reopened this week after investigators finished their search. However, there may be some more legal trouble in their future, depending on what the search discovered.
The crime of money laundering occurs when a person exchanges illegally obtained money, such as the proceeds from the sale of drugs, stolen goods, or other criminal activities, for "clean" money.
Many financial institutions are regulated in such a way that certain transactions are monitored for suspicious activity. However, businesses that operate with modest, or even sometimes large amounts of cash can sometimes fly under the radar of authorities, as we learned in Breaking Bad.
Money laundering is a relatively common type of white collar crime. Depending on whether charges are brought by federal or state authorities, the penalties for money laundering can vary. State laws tend to mirror federal laws, but vary from state to state. Typically, the penalties will increase with the amount of money laundered as well as the number of transactions.
While one-off offenses can result in only misdemeanor charges, simple fines and short jail sentences, multiple money laundering transactions can lead to multiple offenses and felony jail sentences of several years.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.