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Philly Lawyers Indicted for Money Laundering
In US law, Money Laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. It is the process of creating the appearance that large amounts of money obtained from serious crimes, such as real estate fraud, originated from a legitimate source. Today its definition is often expanded by government and international regulators to mean any financial transaction which generates an asset or a value as the result of an illegal act.
Jeffrey Bennett and Stephen Doherty of Doylestown-based Bennett & Doherty are charged with conspiracy to commit mail and wire fraud and conspiracy to commit money laundering and Doherty is also charged with bankruptcy fraud.
Two partners in a Pennsylvania law firm have been federally indicted along with three other defendants including two mortgage company owners in a wide-ranging alleged real estate fraud scheme.
Federal prosecutors in Philadelphia say the $14.6 million scheme involved 35 fraudulent loans, real estate deals in which purchases were made by straw buyers and false promises of help to homeowners trying to stave off foreclosure.
If convicted, Doherty could get a maximum of 385 years in prison and $4 million in fines and Bennett faces as much as 240 years and $3.2 million in fines.
“These are allegations. And now you have others wanting to join in hoping they hit a lucky number too,” says Bennett’s lawyer, George Bochetto of Bochetto & Lentz in Philadelphia. “Jeff Bennett is a fine, fine attorney who’s always worked hard on behalf of homeowners in tough situations.”
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