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re: Let's talk money laundering
Posted on 12/7/18 at 12:33 pm to Antonio Moss
Posted on 12/7/18 at 12:33 pm to Antonio Moss
quote:
Not in Louisiana where you can enter the bar at 18 but can't legally purchase alcohol until 21.
And no food sales. The less inspectors, the better.
I would imagine the drink sales at most of the LSU bars are on par with their door count. Particularly, because I know when I was there the "loophole" was to have a 21 year old purchase pitchers or a bucket, and bring it back to a table.
1
Posted on 12/7/18 at 12:53 pm to Bjorn Cyborg
Tattoo shop. It’s all priced based on what they are feeling at the time, and no real way to track it. Same way college athletes walk around with thousands worth of ink on their arms but no one calls it an impermissible benefit because there’s no standard for how much it should cost.
Posted on 12/7/18 at 2:15 pm to MStant1
quote:
I would imagine the drink sales at most of the LSU bars are on par with their door count.
Not if you are laundering money through the door.
Posted on 12/7/18 at 2:20 pm to Got Blaze
quote:
Would be interesting to see Aspercel's opinion
Old banker joke from the 1980's
1st banker at lunch : I hear you have a million dollar depositor at your bank
2nd banker at lunch : Yeah, but before he got in the horse business he was a 10 million dollar depositor
Posted on 12/7/18 at 2:31 pm to PearlJam
quote:
You've still got to pay for the steak and lobster and overhead of the restaurant. Running a restaurant at a loss may allow you to launder the money, but you are going to lose it in the process of cleaning it.
There are risks on all sides of laundering money. Selling all of the food you order at a steep discount eliminates the risk of doctored inventory. I'm not suggesting it's the best way to do it, just pointing out the logic.
Buy lobster and steak for $15/plate wholesale, sell for $15/plate retail, and report you sold it for $40/plate. That's $25/plate you're cleaning and your revenue and inventory look normal. You're obviously losing money in overhead, but you're going to lose money somewhere when you clean it.
You can't take $20MM, clean it, and still have $20MM. It that's your goal, you'll be caught quickly.
Posted on 12/7/18 at 2:40 pm to Got Blaze
quote:
Set up a stable of thoroughbred race horses. Buy quality pedigree mares "in foal" and sell the weanlings at auction. Or buy a $3000 horse and enter it in a $2000 claiming race. Crazy money is exchanged in the horse racing/breeding industry as the big time players make a fortune, and the people who do it as a hobby often times lose money.
as one whose wife is in the business, it aint a cash cow. You don't sell weanlings, you sell yearlings BTW. While it may seem to be a good front for money laundering, its subject to IRS audits just like anything else. IF you are posting big losses or having wild success...the tax man cometh. Sale transactions are well documented by the breed organizations so there’s gonna be a paper trail that’s easy to review.
Also, gestation time for a mare is 11 months. You sell the foal as a yearling. So you’d have one time a year to move money. And the sale cycle is about two years to start. So you’d be limiting the times you can “wash” the money
While there are successful racing and breeding operations, I'd say most successful people in it have a source of funding outside racing/breeding. Sure, you're gonna see some "crazy money" exchanged occasionally, but it aint as common as you may believe.
stick with a car wash or Laundromat.
This post was edited on 12/8/18 at 6:55 am
Posted on 12/7/18 at 11:44 pm to slackster
quote:
It that's your goal, you'll be caught quickly.
Yep. Most compliance programs are good enough to find obvious money laundering at this point. The best way to do it now would be something super low key where you're moving small dollar amounts at a time.
As someone who works in the field, my best suggestion would be opening a convenience store with check cashing. Use the dirty money to cash the checks. You'd still eventually get caught though
Posted on 12/8/18 at 12:11 am to Bjorn Cyborg
Couple of these bad boys.
Posted on 12/8/18 at 1:25 am to VADawg
quote:
Yep. Most compliance programs are good enough to find obvious money laundering at this point. The best way to do it now would be something super low key where you're moving small dollar amounts at a time. As someone who works in the field, my best suggestion would be opening a convenience store with check cashing. Use the dirty money to cash the checks. You'd still eventually get caught though
Cash real estate purchases through offshore shell companies in non-GTO regions of the country is my best bet.
Posted on 12/8/18 at 3:15 am to Bjorn Cyborg
Just go ask the fine folks down at the Wienerschnitzel. They'll tell you everything you need to know.
That or the Clintons if you want to talk to a real money laundering expert
That or the Clintons if you want to talk to a real money laundering expert
This post was edited on 12/8/18 at 3:26 am
Posted on 12/8/18 at 7:22 am to Bjorn Cyborg
How about this bar in Columbus that is never actually open but has online reviews about how great it is, very near a strip club and next to another “produce” store that never has anyone in it? Sounds like someone is running money through that area.
Posted on 12/8/18 at 7:32 am to theunknownknight
quote:
Buy a car wash
Wrong you buy a car wash to avoid taxes so you can skim
How you gonna launder 20 million when you are only buying x amount of soap & water ?
Posted on 12/8/18 at 9:12 am to Cracker
Isn’t the idea to get a business that has a lot of cash transactions that aren’t traceable?
So that the feds can’t really gauge how much money you’re actually making as opposed to reporting?
So that the feds can’t really gauge how much money you’re actually making as opposed to reporting?
Posted on 12/8/18 at 10:46 am to engvol
quote:
Gambling is going to become an option Bet $1100 one side $1100 the other
Not this way Atleast. You have to show a net income. You have a net loss there.
Posted on 12/8/18 at 10:49 am to Antonio Moss
quote:
Or go he Ryan Perriloux route. Go to a casino, purchase $5000 of chips. Wait a few hours and then turn them back in for a fresh $5000.00
That’s not really money laundering. How are you going to explain how your income went from 60k to 500k in a year? Buying poker chips?
Posted on 12/8/18 at 11:33 am to WaWaWeeWa
quote:
That’s not really money laundering. How are you going to explain how your income went from 60k to 500k in a year? Buying poker chips?
It is classic money laundering if you manage to pull it off. If you get the casino to cut you a check, then you have “clean” money being deposited in your account. When the Bank or the government enquires about the source of funds, then you can point to a check from a casino, claiming it as winnings. Problem is casinos have been under more pressure in the past decade to identify and prevent that type of activity so it’s not as easy as it once was to do that.
Posted on 12/8/18 at 11:59 am to MStant1
Yes if they cut you a check you are correct.
I thought he was implying the act of exchanging “dirty” bills for “clean” bills. Most people think that’s money laundering.
Your scenario would work for small amounts, but it’s not feasible for millions of dollars
I thought he was implying the act of exchanging “dirty” bills for “clean” bills. Most people think that’s money laundering.
Your scenario would work for small amounts, but it’s not feasible for millions of dollars
Posted on 12/8/18 at 12:08 pm to Bjorn Cyborg
It’s how bama and auburn recruit.
Posted on 12/8/18 at 12:11 pm to MISSOURI WALTZ
quote:
Bad idea. The IRS will monitor your usage of water
just buy the car wash in New Orleans, there's no way the Sewage and Water Board can correctly total you water usage
Posted on 12/8/18 at 1:05 pm to deltaland
quote:
deposit it from those ATM that accept cash deposits so you don't have to talk to a teller.
LOL, because ATM deposits aren't subject to the same scrutiny of other deposits.
quote:
Also a bank isn’t required to report deposits of less than 10k. You can open up accounts at 5 different small banks and deposit 5-7 grand every couple weeks and it won’t be reported. This would work for amounts of 1-3 million. Large amounts it would be tough because of time and a massive change in lifestyle would draw red flags
quote:
professional poker player, but it would eat into your margins
quote:
Couldnt you just really buy a bunch of ATMs, stuff them full of the "dirty" cash and get "clean" cash in your bank account?
one of the best one's yet. quote:
Also a bank isn’t required to report deposits of less than 10k. True.
There are DEFINITE Federal Requirements to report deposits less than 10K.
quote:
Buy a laundromat, car wash, and food truck in the Permian (all on the same property) You will bring in $3k-$5k daily in cash. As for how to do the actual money laundering I don't know, but with that much legit cash pouring in you have a lot of cover.
&
quote:
You set up a business that requires no inventory. Pool hall, carnival ride, arcade, ect. However many people come in just add some zeros. No inventory to purchase (which would yield a traceable indication of sales volume) so no way for govt to track actual sales. “Yes mr taxman, 10000 kids came in this week and spent 100 each.” Boom $1000000 reported, taxed and now clean.
Unless the finder found the $20 million dollars in ones and quarters (ridiculously impossible) you'd be in jail. Think about how many laundromats, pool halls, food trucks, carnival rides and arcades make their transactions in hundred dollar bills. None. So you'd need to exchange those bills for smaller more plausible denominations. Where do you think that's going to happen? Yep, the bank. Good luck! :rotflmao:
A lot of people in this thread would be in jail with the quickness. :rotflmao:
This post was edited on 12/8/18 at 1:49 pm
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