Former Comptroller of Ecuador convicted of an international bribery and money laundering scheme

Former Comptroller of Ecuador convicted of an international bribery and money laundering scheme

On April 24, a Miami jury convicted Carlos Ramon Polit Faggioni, the former Comptroller General of Ecuador, for his role in an international bribery and money laundering scheme involving the Brazil-based construction conglomerate Odebrecht SA Polit was convicted of a crime of conspiracy to commit. money laundering, three counts of concealment of money laundering and two counts of engaging in transactions involving criminally derived property.

According to the government and court documents, Polit accepted bribes in exchange for not imposing fines, as well as dropping existing fines issued to Odebrecht for its projects in Ecuador. In all, Polit is alleged to have solicited and accepted $10 million in bribes from 2010 to 2015. The government also accused Polit of using another member of the conspiracy to hide and launder the money by buying real estate in Florida and using companies registered in Florida. the names of friends and associates, often without the associates’ knowledge.

Polit faces a maximum sentence of 20 years in prison for each count of money laundering and conspiracy to commit money laundering, and a maximum sentence of 10 years in prison for each count of engaging in criminal derivative property transactions.

The press release from the US Department of Justice (DOJ) can be found here.

Indian National gets five years in prison for dark web drug distribution scheme, agrees to forfeit $150 million

On April 19, Indian national Banmeet Singh was sentenced to five years in prison and ordered to forfeit about $150 million for allegedly selling controlled substances on dark web marketplaces such as Silk Road, Alpha Bay and Hansa Singh was arrested in April 2019 in London and extradited to the United States in March 2023. He eventually pleaded guilty to conspiracy to possess with intent to distribute controlled substances and conspiracy to commit money laundering.

According to the government, from 2012 to July 2017, Singh controlled at least eight distribution cells in multiple states where individuals would receive drug shipments and package them for distribution in all 50 states, as well as in Canada, England , Ireland, Jamaica and Scotland. , and the US Virgin Islands. In total, Singh is alleged to have distributed hundreds of kilograms of drugs and laundered drug proceeds in exchange for $150 million worth of cryptocurrency.

The DOJ press release can be found here.

The former CEO of the software company was sentenced to 18 months in prison

On April 19, Manish Lachwani, the former CEO of software company HeadSpin Inc., was sentenced to 18 months in prison and ordered to pay a $1 million fine after pleading- pleaded guilty to wire fraud and securities fraud for his alleged role in a scheme to inflate HeadSpins. income figures.

The government claims Lachwani misrepresented HeadSpins’ revenue and other financial metrics in presentations to potential investors during a Series C fundraising round that led to the company raising $60 million in three months. Lachwani is also alleged to have inflated HeadSpins’ revenue by including former customers and those who expressed interest in the company but did not sign up for its subscription-based services.

In addition to the criminal case against him, Lachwani also faces a separate civil action by the US Securities and Exchange Commission (SEC). In January 2022, the SEC settled with HeadSpin and did not seek financial penalties given the company’s significant remedial efforts, which included an internal investigation into Lachwani and refunds to investors.

The DOJ press release can be found here and the SEC complaint against Lachwani can be found here.