A Canadian man has been sentenced to four years in prison in the United States for running an international money-laundering scheme out of Costa Rica. Michael Randles, 49, had pleaded guilty in October to a single count of conspiracy to commit money laundering.
Helped clients launder $1 million USD
The conviction against Randles relates to a scheme that involved a brokerage located in San Jose, court records show. The brokerage operated as Moneyline and under various other names. According to his plea deal, Randles and his co-accused knowingly used brokerages to help clients launder about $1 million USD in proceeds from a “pump and dump” campaign related to 3.5-million shares.
Read more at The Globe And Mail.
This article is summarized by Canadian Fraud News Inc.