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'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

bloomberg.com

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Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#11

Post by rayiner »

alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

To pick one example, what did JPM do that involved "outright criminal fraud?" Give specific examples that a jury would convict for, keeping in mind that knowledge and intent must be proved beyond a reasonable doubt.

If I had to guess, what made this case easy was the fact that the guy left the country under circumstances where it could be inferred he know he was facilitating illegal transactions. That was the key element missing in, for example , the HSBC prosecution.

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#12

Post by celticninja »

chollida1 wrote: post #2

This is probably a much better source: https://www.justice.gov/opa/pr/founder-liberty-reserve-plead... Thought Bloomberg is well known to quickly publish 2 sentence articles to get an entry in google for breaking news and then back fill the story as it gets more details. If you haven't heard of the bank in question, Liberty Reserve was bank that was heavily used to launder black market money. You could open an accoun…

It was active way before bitcoin existed and their primary currency was Liberty Reserve Dollars. You could deposit via western union or other cash deposit methods and transfer funds internationally with no questions. Bitcoin was added as another method fairly late on.

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#13

Post by Aelinsaar »

alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

The trick? Be big. Be very big. Be rich. Hold your employees and whole economies as hostages. Remember to look sad at your congressional hearing...

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#14

Post by jackgavigan »

qaq wrote: post #7
alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

HSBC got slapped hard Wachovia laundered >100 billion and got slapped with 160 mil. fine

There's a notable trend of US companies getting off lightly in comparison with the punishment and fines meted out to their foreign peers by the US authorities.

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#16

Post by asddddd »

Wondering how I can get my money back from this, lost a few grand (legal money) that I deposited just before they got shut down. Saw a vague allusion to contact SDNY about it (only found a mailing address) and haven't seen anything else since.

Was a decent bit of collateral damage since they were fairly popular for offshore forex and bitcoin.

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#17

Post by rtpg »

alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

There's this trope about us choosing to not throw people in jail but its just a consequence of needing real evidence against a person.

Holder made some ckmment to the line of " if we had the evidence , people at the DOJ would be rushing to charge. Throwing a Wall St exec in jail is a career-making case" (edit: actual quote https://mobile.twitter.com/lauraolin/status/7279880874149847... )

The interests are totally aligned for the DOJ to crush any execs found of willful wrongdoing

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#18

Post by eternalban »

branchless wrote: post #10
alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

Beat me to it. The problem these guys had is they are not paying protection money in the form of job offers to former regulators and politicians. Banking needs a total reform and right now. These guys are circumventing our legal systems and our democracies. They are utter filth. Their rentier activity adds nothing and takes from productive work.

> protection money

That's not the issue. The issue is power. The above do not threaten anyone's foundational power base.

BC also doesn't challenge the establishment in a foundational sense (in that it is designed to leave an undeniable digital trail).

These guys were completely off the global plantation. They will be made an example for others.

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#19

Post by adrenalinelol »

alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

You're missing a few banks from that list, ALL large investment banks had their hands in the cookie jar for CDO/CDS fraud. (Goldman, MS, etc...)

Re: 'Black Market Bank' Co-Founder Budovsky Sentenced to 20 Years

#20

Post by samstave »

rtpg wrote: post #17
alva wrote: post #5

>Prosecutors in New York said the company operated as “the financial hub for cyber criminals around the world.” Well fortunately for the cyber criminals, I have some great suggestions for alternative banking solutions. Plus! Your co-conspirators will almost definitely never face a day in jail. Think you will have to pay for expensive flights to Switzerland to open your account? Save some of that hard earned cash and…

There's this trope about us choosing to not throw people in jail but its just a consequence of needing real evidence against a person. Holder made some ckmment to the line of " if we had the evidence , people at the DOJ would be rushing to charge. Throwing a Wall St exec in jail is a career-making case" (edit: actual quote https://mobile.twitter.com/lauraolin/status/7279880874149847... ) The interests are totally ali…

Holder will be known as one of the most corrupt pieces of shit in the history of the US government.
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