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Liberty Reserve indicted for $6 billion in money laundering

Discussion in 'Off Topic' started by Da Bookie Mon, May 29, 2013.

  1. Da Bookie Mon

    Da Bookie Mon Well-Known Member

    I guess good thing xF didn't take Adam's advice of Liberty Reserve becoming a payment option :D

    The U.S. Department of Justice has indicted online payment processor Liberty Reserve for laundering $6 billion in a series of global transactions, which the agency charges may be the largest international money-laundering prosecution in history.


    Going to libertyreserve.com now you get greeted with..

    SneakyDave likes this.
  2. Brandon Sheley

    Brandon Sheley Well-Known Member

  3. Brad L

    Brad L Well-Known Member

    Those are 5 badges I hope to never see in person.
    Da Bookie Mon likes this.
  4. Da Bookie Mon

    Da Bookie Mon Well-Known Member

    Well I hope to see the secret service one, when I become president someday :D
  5. erich37

    erich37 Well-Known Member

    I still believe the CIA is the largest drugdealer in the world and the FEDERAL RESERVE is the largest money-laundering cartell ever.
    And they are still in business :D
    Adam Howard and Alfa1 like this.
  6. Tracy Perry

    Tracy Perry Well-Known Member

    I've seen (and worked) with four of 'em.. ;)
  7. BlackJacket

    BlackJacket Well-Known Member

    What happens to all that money now? Will they try to return it to those who were wronged? (Which could be in the millions) or will they say f#ck it and keep it?

    I have a sinking feeling that the latter option will be taken.
  8. Shelley

    Shelley Well-Known Member

    Is that even legal for them to keep the money?
  9. Ernest L. Defoe

    Ernest L. Defoe Well-Known Member

    It's not but they will figure out a way to keep it. They always do......they may never spend it atleast not for a long time but they will try to keep it.
    Adam Howard likes this.
  10. Tracy Perry

    Tracy Perry Well-Known Member

    Probably not legal... but they need all the help they can get funding the new healthcare system. :p

    As an aside - if you get a chance can you start a convo with me about some graphics... I've kept playing with PhotoShop but for what I wanted to do the trail expired before I could figure out how to do it.(n)
  11. Shelley

    Shelley Well-Known Member

    Ah so basically they are fighting crime to gain a financial incentive to fund bad decisions in years long past.

    Your probably best posting in resource discussions as I'm sure myself/ other people will jump in and guide you.
  12. Ernest L. Defoe

    Ernest L. Defoe Well-Known Member

    Basically that would be it.
  13. Biker

    Biker Well-Known Member

    IF you can prove that the money is legit, you can petition the government to get it back. Any proceeds that are illegally obtained are forfeited.
  14. Tracy Perry

    Tracy Perry Well-Known Member

    Good luck with that... unless it's a large sum of money it usually ends up costing more than it's worth to get back. I've seen it happen when money was seized as "drug money" and there were no arrests, etc. - seized just because of the amount and it being in cash. It was cost prohibitive to pursue it for those individuals to get the return of the money. The city and state got some free money.
  15. Lucas

    Lucas Well-Known Member

    Just what we needed. More stupid ass crap in Costa Rica. Not enough with the mentally challenged Laura Chinchilla we have as president. Now we get the biggest money laundering in history, couple of Mexican cartels center of operation, support from the US with ships on our seas supposedly helping us against drug trafficking, please.

    These people need to find somewhere else to go and ruin it.
  16. RickM

    RickM Well-Known Member

    Cant say I'm surprised. Liberty Reserve is well known to be...'dodgy' to say the least. I have no sympathy for people who lost out using it I'm afraid.
  17. Da Bookie Mon

    Da Bookie Mon Well-Known Member

    From the article it says..

    Those who were using the service for legitimate, non-illegal activities can call the DOJ in order to see if they can have any money held by the company returned. "We'll do the best we can to get their money back," Bharara said. 
    ofc we know how "We'll do the best we can for you" from government agencies turns out.
    Adam Howard and Alfa1 like this.
  18. BlackJacket

    BlackJacket Well-Known Member

    Not those who were using the service legitly. I'm talking about those who used the service to scam others or to steal from someone else. I bet the majority of people do not know their money could be locked down in this situation.

    I am also raising doubt that the Government will/would actively search for those who were wronged.
  19. Alfa1

    Alfa1 Well-Known Member

    The E-Gold debacle all over again. I wonder if this is a matter of having an e-currency that the US gov has no control over. So bitcoin is likely next on their list. I wonder how they would try to crack that.
    Adam Howard likes this.
  20. Jason

    Jason Well-Known Member

    They were operating an unlicensed money transmitter. Let's be honest, if you're transmitting money without a license, you're likely going to end up in jail once you reach scale. It's pretty much inevitable. I can empathize with these guys, as I don't think the government necessarily needs its hands in every monetary transfer, but if this is your business then regulatory concerns should be a part of your business plan -- ignoring them won't work.

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