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CONFESSIONS OF A
MONEY LAUNDERER by Kenneth Rijock
MONEY LAUNDERER by Kenneth Rijock
Financial Crime Consultant, for World-Check
Confessions of a Money Launderer - Part 89
30 March 2009
I spent a year as a compliance officer. How it came to an end is perhaps just as interesting as the details of the more colourful clients I have recounted in the past few chapters. If I didn't explain it before, the compliance officer job was offered to me based upon my experience as a money launder, not despite it. For that I will always be grateful to the owner of the firm, who wanted someone in the compliance division who could spot the financial criminals on a real-time basis, and deny them entry. Unlike others in the financial and legal community, he saw my experience as a valuable human resource. My job was to handle the problems, the potential clients who required enhanced due diligence. But let's get back to the story.
Here is how it started; the murder comes later:
Why did all these happen? Find out next week.
- One morning , I was sitting at my computer at work, with a pile of files on the desk, when a soft voice behind me intoned, "sir, please setep away from your computer." Now, you know my background, where I have been, and my experiences with law enforcement agencies. Was I being arrested for something that occurred long ago? What could possibly be happening that was so serious that there was a law enforcement agent at my back, directing me to comply with his directions?
- When I stood up and turned around, sure enough, there was a man wearing what appeared to be the uniform of a US Customs Agent. But he didn't handcuff me; strange, What's going on? I then saw others from the company all had uniformed agents behind them and their work-stations. I did notice a total lack of anyone in senior management on the floor. Where are the division heads?
- We were all herded into the central conference room, which has a commanding view of downtown Fort Lauderdale. There was plenty of muscle there, all from the law enforcement community. A lectern was being set up, and a man whom I immediately recognised as the former United States Attorney for the Southern District of Florida, stepped up to speak. Since you don't get a lecture when you're being arrested, I knew something was up.
- Reading from a court order, he announced to one and all that the firm had been placed into receivership by a Federal Judge, and he had been appointed Receiver. So it was civil, and not criminal, after all. There were a carload of fraud issues, and government regulators, including the SEC, had prevailed upon the Court to remove the principal, and employees, and take over the operation.
- At that point, the company's outside counsel, mad as hell, stormed into the room, firing questions at the Receiver, but he was quickly quieted down, and escorted out. We had not seen the last of him, but that will be more apparent further on.
- Was this a shock to the employees? You bet it was, as many of them had never experienced the long arm of the law reaching out and touching them in such a personal way. The receiver had also frozen all the company's accounts. Fortunately, I had just one day earlier cashed my payroll cheque, but other employees, vendors, regular creditors, and investors who had not yet deposited cheques, were all out of luck.
- They escorted the hapless employees to their desks, to remove only personal items. I has a number of valuable due diligence reference aids there, but it all was left behind that day. We all left the parking garage for the last time, though a small number of employees were hired on to wind down operations, and assist the legion of individuals who were working for the receiver.
Why did all these happen? Find out next week.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
Read more in this exciting series
8 March 2010
8 February 2010
24 January 2010
6 December 2009
27 September 2009
9 August 2009
3 August 2009
30 March 2009
9 March 2009
2 March 2009
22 February 2009
18 February 2009
26 January 2009
18 January 2009
11 January 2009
5 January 2009
29 November 2008
24 November 2008
17 November 2008
8 November 2008
3 November 2008
27 October 2008
20 October 2008
13 October 2008
4 October 2008
28 September 2008
20 September 2008
15 September 2008
15 June 2008
8 June 2008
1 June 2008
26 May 2008
19 May 2008
12 May 2008
4 May 2008
27 April 2008
20 April 2008
13 April 2008
31 March 2008
18 March 2008
4 March 2008
25 February 2008
16 February 2008
10 February 2008
3 February 2008
27 January 2008
20 January 2008
14 January 2008
6 January 2008
16 December 2007
9 December 2007
1 December 2007
25 November 2007
18 November 2007
11 November 2007
3 November 2007
27 October 2007
21 October 2007
14 October 2007
7 October 2007
1 October 2007
23 September 2007
16 September 2007
3 June 2007
27 May 2007
21 May 2007
6 May 2007
30 April 2007
22 April 2007
15 April 2007
8 April 2007
2 April 2007
24 March 2007
19 March 2007
12 March 2007
5 March 2007
25 February 2007
19 February 2007
12 February 2007
4 February 2007
28 January 2007
22 January 2007
15 January 2007
7 January 2007
2 January 2007
16 December 2006
10 December 2006
3 December 2006
27 November 2006
19 November 2006
11 November 2006
5 November 2006
29 October 2006
22 October 2006
16 October 2006
9 October 2006
2 October 2006
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