Wednesday, November 24, 2021

Miami professor sentenced to 6 months for Venezuela money laundering scheme. (Reuters)

Sad to see that a professor from the University of Miami would be personally involved in money laundering, pleading guilty to federal crimes. 

Good school, UM, from which St. Johns County Commissioner JEREMIAH RAY BLOCKER (R-Ponte Vedra) earned an LL.M. (Master of Laws) degree. 

Footnote: The essence of real estate development in Florida, as former County Commission Chair Ben Rich, Sr. once explained to me, is money-laundering -- dirty foreign kleptocrat and kakistocrat money in nations with high grown rate flowing to Florida, buying land, lawyers and politicians.

Florida is a corrupt place where anyone can call themselves. a "developer," without any license required.  One needs a license to cut hair, polish nails, build houses or practice law, but any damn fool can call themselves a "developer."

Never once in the year that BLOCKER chaired the St. Johns County Board of County Commissioners did he ever follow up on any of my questions about corporate ownership of developer projects -- who are the actual investors and beneficial owners of the projects that are clearcutting our forests, destroying our wetlands, creating flooding and killing our wildlife?

So who took Professor Bagley's courses, and what did they learn about the rampant money-laundering that is changing the face of Florida?

 From Reunters:  

Miami professor sentenced to 6 months for Venezuela money laundering scheme

2 minute read

NEW YORK, Nov 16 (Reuters) - A former University of Miami professor was sentenced to six months in prison on Tuesday after pleading guilty to charges he helped launder funds embezzled from Venezuela on behalf of businessman Alex Saab.

The case attracted attention last week, when in a request for lenient sentencing attorneys for Bruce Bagley said their client was told that Saab - a close ally of Venezuelan President Nicolas Maduro - had met with U.S. law enforcement years ago to provide information on Maduro's socialist government.

"I'm ashamed of my irresponsible behavior," Bagley said at Tuesday's virtual hearing in Manhattan federal court.

Saab, a Colombian national, was a key intermediary for Caracas' efforts to get around U.S. sanctions before his June 2020 arrest in Cape Verde on a U.S. warrant. Saab was extradited to Miami in October, and this week pleaded not guilty to a charge of conspiracy to commit money laundering.

Prosecutors said Bagley, who was arrested in November 2019, received $2.5 million from overseas accounts controlled by Saab and retained a commission. Bagley, 75, acknowledged receiving the money but said the purpose was to pay lawyers advising Saab on his cooperation with U.S. authorities.

Saab never worked against Venezuela's interests, his lawyer said last week.

Bagley's attorneys requested their client not be incarcerated due to his age and ill health. Prosecutors said Bagley should be incarcerated, arguing he had not shown "serious remorse," but nonetheless recommended a sentence below guidance of 46-57 months.

Bagley studied drug trafficking and organized crime in Latin America as an academic, which U.S. District Judge Jed Rakoff said factored into his decision to impose a prison sentence.

"If there was anyone in the world who knew that this kind of activity was criminal, it was Dr. Bagley," Rakoff said at the hearing.

No comments: