H2 Charlotte Businessman Accused of Operating Multimillion Dollar Money Laundering Scheme
– Federal agents have identified a Charlotte businessman as the mastermind behind an international multimillion dollar money laundering scheme involving Chinese money couriers.
– Court documents reveal that the businessman owns high-end sneaker and gear businesses, including Social Status, and allegedly sold these items to a Chinese national who then resold them for at least $32 million over a five-year period.
– IRS investigators discovered that the businessman purchased athletic shoes and apparel from a major unnamed sneaker company, violating the contract by selling these items to other retailers or outside the U.S.
– The group involved in the scheme failed to report cash payments over $10,000, misled U.S. banks, and potentially violated federal anti-money laundering laws.
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The accused businessman has not yet been charged in connection to the case. Despite reaching out to him, there has been no response. According to Action 9’s Jason Stoogenke, money laundering organizations have evolved into underground banking systems that have grown in prominence over the years, allowing criminals to “clean” money from various illicit activities such as romance scams and drug trafficking.
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