Tag: stored value debit cards
-
UPDATE: Robert Hodgins Still Wanted By Interpol; Co-Defendant In Narcotics Probe With Link To AdSurfDaily Case Sentenced To Prison; Colombian Drug Business Used Same Debit Card As ASD
A Colombian national implicated in an international conspiracy to launder drug money has been sentenced to 45 months in prison, federal prosecutors announced. Meanwhile, another figure in the alleged scheme — Robert Hodgins, the operator of Dallas-based Virtual Money Inc. (VM) — remains at large, prosecutors said. Hodgins is wanted by Interpol on a warrant…
-
UPDATE: 5 Convictions To Date In Money-Laundering Cases Involving Colombian Drug Operation That Used Same Debit Card As AdSurfDaily Autosurf
Federal prosecutors have announced five convictions in an international money-laundering case involving drug proceeds and the use of “stored-value” debit cards. (See subhead below.) The cases were brought by the Drug Enforcement Administration in 2008 as a result of an undercover operation. The debit cards used in the transactions were provided by Virtual Money Inc.,…
-
FBI CHIEF: ‘Major Threats’ Emerging From ‘Stored Value’ Debit Cards And ‘Shell Corporations’; ‘Shadow Banking System’ Has Exploited Vulnerabilities
EDITOR’S NOTE: Autosurf or HYIP promoter? White-collar fraudster of another stripe? Fan of “stored value” debit devices used in the context of well-publicized, fraudulent business models? Owner of a “shell” company used to disguise the ownership of funds? Figure you’re smarter than the cops and that you’ve perfected your form of deceit as you pocket…