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Securities Fraud Conviction, Plus Jurisdiction to Hear Motion to Expunge FBI Records

By FindLaw Staff on July 28, 2010 | Last updated on March 21, 2019

US v. Faulkenberry, 08-4233, concerned a challenge to a conviction of defendant for securities fraud, wire fraud, money laundering, and conspiracies to commit these crimes.  In affirming in part, the court held that sufficient proof supported defendant's wire fraud, securities fraud, and  conspiracy to commit wire and securities fraud convictions.  However, the court reversed the judgment with respect to defendant's money laundering conviction as, to prove a violation of money laundering pursuant to section 1956(a)(1)(B)(i), it is not enough for the government to prove merely that a transaction had a concealing effect or that the transaction was structured to conceal the nature of illicit funds, but rather, what is required is that concealment be an animating purpose of the transaction.  Accordingly, the court reversed defendant's conviction for conspiracy to commit money laundering.  The court rejected defendant's remaining claims as meritless, and vacated and remanded defendant's sentence for resentencing.

US v. Lucido, 09-1410, concerned a challenge to the district court's denial of petitioner's motions to expunge all records of his federal money laundering charges and related proceedings held by the FBI, of which he was acquitted of eighteen years ago.  In vacating the judgment, the court held that the district court lacked jurisdiction to entertain petitioner's requests.  Thus, the matter is remanded for the district court to dismiss the motions for lack of jurisdiction.

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