The Chicago Syndicate: Richard Zanco Pleads Guilty to Illegally Laundering More Than $343,000

Monday, March 31, 2014

Richard Zanco Pleads Guilty to Illegally Laundering More Than $343,000

Richard Zanco, age 44, of Slidell, Louisiana, plead guilty as charged before United States District Judge Susie Morgan to money laundering, announced United States Attorney Kenneth Allen Polite, Jr.

According to court documents, in about May 2012, Zanco learned that someone had opened a brokerage account in his name and used that account to acquire collateralized mortgage obligations (CMOs), a type of bond that bore value from interest generated upon its sale by fraudulent means. Even though he knew that the CMOs did not belong to him, Zanco gained control of the accounts and arranged for the interest proceeds of the CMOs to be diverted to other financial accounts under his control. Between about March 11, 2013 and September 19, 2013, Zanco used the funds, totaling approximately $343,998.82, to engage in a variety of financial transactions for his personal use, including purchasing multiple automobiles and at least one boat.

Zanco faces a maximum penalty of 10 years, followed by up to three years of supervised release, and a $250,000 fine. Sentencing has been scheduled before Judge Morgan for July 2, 2014.

This case is being investigated by agents from the Federal Bureau of Investigation and the Internal Revenue Service. The prosecution of this case is being handled by Assistant United States Attorneys Jordan Ginsberg and Dan Friel.

No comments:

Post a Comment

Al Capone's Vault

Flash Mafia Book Sales!

New York Crime Families

Crime Family Index