Wednesday, May 29, 2013

News Summary: $6B money-laundering case

SEVEN INDICTED: The founder of an online currency transfer business was indicted in the United States along with six other people in a $6 billion money-laundering scheme described as "staggering" in its scope, authorities said Tuesday.

THE FOUNDER: Arthur Budovsky is the founder of Liberty Reserve, a Costa Rica-based website long favored by cybercrime scammers. He was arrested in Spain on Friday. A defendant identified as Budovsky's partner, Vladimir Kats, was in custody in New York.

THE SCOPE: Authorities say the network processed at least 55 million illegal transactions worldwide for 1 million users, including 200,000 in the United States. They call the international money-laundering case the largest ever.

Source: http://news.yahoo.com/news-summary-6b-money-laundering-174105239.html

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