New York residents may be interested to learn that, on Sept. 30, it was reported that Paul Manafort, President Trump's former campaign chairman, was accused of laundering more than $18 million by placing the funds in offshore accounts. It was believed that he used these funds to purchase numerous multi-million dollar properties and other luxury goods and services.
The federal indictment was filed as part of an ongoing investigation into the alleged Russian interference in the 2016 election. According to the indictment, the former chairman of the Trump campaign then allegedly borrowed millions in loans, thereby obtaining funds that were not reported on his tax returns. He used the funds that had been hidden away to continue to enjoy a lavish lifestyle. He was also accused of purchasing some of his New York City properties through shell companies to hide his identity. The government was looking to seize some of the property due to the failure to obtain tax.
Senator Brad Hoylman introduced a bill in September that LLCs that did business in the state of New York would need to disclose their names of their beneficial owners. Under the legislation, those who violated the law would be punished by up to three years in prison and $10,000 in fines.
Those accused of committing white collar crimes, including money laundering, could face serious consequences that could include a prison sentence and the requirement to pay restitution. A criminal law attorney may launch a separate investigation into the case to determine if the authorities followed proper procedures or violated the accused person's rights. Further, the attorney may also utilize expert witness testimony from a variety of experts, including forensic accountants, to determine if the evidence the prosecution matches the allegations.Source: DNA Info, "Manafort Laundered Money Through SoHo and Carroll Gardens Pads, Probe Finds", Amy Zimmer, 10/30/2017