Lottery millionaire admits laundering money for drug dealers

Comment #9

CASH Only — Sat, 20 Mar 2004 15:12:07 GMT

Todd:NY's cash option didn't begin until 1996.

Comment #8

Mana — Fri, 19 Mar 2004 00:43:18 GMT

Quote: Originally posted by MichiganHopeful on March 18, 2004He deposited the money for them so that the IRS would not find out that it was drug money. The bank is required to report any deposit of $10,000 or more but since he only made three deposits of $9,000 each the IRS would not be notified about the deposits. Furthermore, being that he was a lottery winner, the bank would not be suspicious about the large amounts of money deposited by him.Hope that helps! :)Oohhhh.... I understand!*Thanks... [ More ]

Comment #7

fja — Thu, 18 Mar 2004 12:17:43 GMT

Best I can figure is that in multi million dollar cash business, drug dealers have the problem of trying to get their money to become legitimate cash without getting caught for dealing or tax evasion,,,if they deposit it in the bank the IRS gets called in to probe you, if you start buying hundreds of thousands worth of material things in cash it also sends up a red flag. In this case they tried to buy a house lets say for $100,000.. they pay the owner $30,000 in cash....the owner drops the pri... [ More ]

Comment #6

MichiganHopeful — Thu, 18 Mar 2004 12:05:03 GMT

He deposited the money for them so that the IRS would not find out that it was drug money. The bank is required to report any deposit of $10,000 or more but since he only made three deposits of $9,000 each the IRS would not be notified about the deposits. Furthermore, being that he was a lottery winner, the bank would not be suspicious about the large amounts of money deposited by him.Hope that helps

Comment #5

LottoBuddy — Thu, 18 Mar 2004 06:17:50 GMT

Can somebody explain how this money laundering works? Did the drug dealers pay Rivera only $29,000 for his house? How did he and the drug dealers profit

Comment #4

four4me — Thu, 18 Mar 2004 02:48:31 GMT

Mana wrote: Why do I have a feeling that Jack Whittaker is gunna have something like that happen?Never happen that country boy woln't go there. He allready has enough problems and will be on probation himself soon. Although you can look forward to somthing more serious like him getting shot at or shooting at somone. After getting beat up and robbed a few times he is probably going to shoot back.

Comment #3

Mana — Wed, 17 Mar 2004 19:48:52 GMT

Why do I have a feeling that J

Comment #2

Todd — Wed, 17 Mar 2004 18:03:34 GMT

See? It proves Ca

Comment #1

fja — Wed, 17 Mar 2004 17:02:14 GMT

i guess 6.7 million isnt enough to some people, They get a little more greedy every time

Lottery millionaire admits laundering money for drug dealers

Lottery Post — Wed, 17 Mar 2004 16:05:54 GMT

A man who won $6.7 million in the lottery a decade ago was ordered to stay in his house for six months for laundering money for drug dealers.That was the penalty imposed Tuesday on 73-year-old Carlos Rivera, who will be electronically monitored during that time. U.S. District Judge Norman Mordue also fined Rivera $30,000 and placed him on probation for three years after his home confinement is completed.Rivera admitted concealing cash payments he received from convicted drug dealers Victor and H... [ More ]