Money Laundering In Texas
Former prosecutor was arrested June 17, 2016 on money laundering and fraud charges. Sergio Guadalupe Adame Ochoa, 65, has been arrested for fraudulently obtaining bank loans totaling nearly $1.7 million. Adame is also under scrutiny for his involvement in a conspiracy to launder money.
The former official was also charged with four counts of wire fraud. Details of the indictment state that on multiple occasions, he refinanced a million-dollar note with a Texas bank in McAllen under false pretenses. He stated that the cash flow income totaled $500,000 since he conducted legal work for the government. The activities started in 2006 and continued long after the official left Mexico. If convicted, Adame could face up to 20 years for money laundering conspiracy alone.
This particular case is unique in that it is normally treated as an add-on charge. Cases involving drug trafficking, tax evasion, mail fraud and wire fraud are often connected to money laundering. In this particular case, money laundering charges will play a central role.
Money laundering a very complex crime. The criminal activity goes far past the simple act of concealing funds connected to a specific crime. In Texas, money laundering is considered an offense that encompasses concealing, transporting, transferring, investing, receiving, spending, financing or facilitating transactions with funds that can be linked to a single criminal activity.
The most common defense used for these cases includes lack of knowledge. An alternate defense is the intention to facilitate the lawful seizure of funds. The funds can be tied to legal fees and presented to the attorney who unknowingly knew the funds were connected to a crime. The final probable defense used is that the funds in questions were to be applied to representation with regard to the Sixth Amendment.
In Texas, it isn’t hard to be linked to charges like money laundering. The defendant only has to suspect or be informed that the funds came from criminal or fraudulent activity. The authorities target those guilty of the white collar crime aggressively. Unfortunately, if charged with an offense of this magnitude, the penalties quickly add up. An amount as little as $1,500 carries a penalty of anywhere between six months and a year in jail.
