Professor Of International Studies Pleads Guilty To Money Laundering
summary
Bruce Bagley, a 73-year-old professor of international studies, pleaded guilty to two counts of money laundering for laundering over $2.5 million in proceeds from Venezuelan bribery and corruption through U.S. bank accounts, despite knowing the funds were stolen from the Venezuelan public, and now faces up to 40 years in prison.
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Bruce Bagley, a professor and author on organized crime, pleaded guilty to two counts of money laundering for facilitating the transfer of over $2.5 million in illicit funds derived from Venezuelan bribery and corruption. He used a Florida-based company account and later a personal account to receive monthly deposits of approximately $200,000 from overseas accounts linked to a Colombian individual, withdrawing 90% as cashier’s checks for an intermediary while retaining a commission. Despite being explicitly informed the money was stolen from the Venezuelan people, he opened a second account to continue the scheme, and now faces up to 20 years in prison per count, with sentencing scheduled for October 1, 2020.
narrative
Bruce Bagley, a 73-year-old professor of international studies and author of the book 'Drug Trafficking, Organized Crime, and Violence in the Americas Today,' pleaded guilty to two counts of money laundering for laundering over $2.5 million in proceeds from Venezuelan bribery and corruption. Between November 2017 and October 2018, he received monthly deposits of approximately $200,000 from overseas bank accounts in Switzerland and the UAE, which were controlled by a Colombian individual, into a Florida-based company account he owned. He then withdrew 90% of each deposit as cashier’s checks payable to another individual and kept the remainder as a commission. In December 2018, after being told the funds were stolen from the Venezuelan public, Bagley opened a second bank account to continue the laundering operation. He had initially opened the first account in November 2016, which remained inactive until late 2017, suggesting deliberate planning. The U.S. Attorney’s Office for the Southern District of New York prosecuted the case, with the FBI leading the investigation, and Bagley faces a maximum of 20 years in prison per count, totaling up to 40 years, with sentencing set for October 1, 2020.
Classified public-corruption(confidence 90%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →
Statutes
Parties
bruce bagley
Keywords
bagleymoney launderingabout novemberoverseas accountsmoneylaunderingprofessor internationalinternational studiesbruce bagleyaboutaccountsprofessorlinkaccount-studies pleads
Extracted insights
Dollar amounts 4
- $2.50M $2.5 million $1M–$10M
- $2.00M $2 Million $1M–$10M
- $2.00M $2 million $1M–$10M
- $200K $200,000 $100K–$1M
Entities 3
- person bruce bagley
- scheme_term to money laundering
- scheme_term to two counts of money laundering
Triples 15
- Professor Of International Studies Pleads Guilty To Money Laundering
- BRUCE BAGLEY Pled Guilty To Two Counts Of Money Laundering
- BAGLEY Used Bank Accounts In His Name And In The Name Of A Company He Created In Florida To Launder Over $2 Million In Proceeds Of A Venezuelan Bribery And Corruption Scheme Into The United States
- BRUCE BAGLEY Opened A Bank Account Account-1 On Behalf Of A Company Company-1 That BAGLEY Owned And Controlled
- Account-1 Received Monthly Deposits Of Hundreds Of Thousands Of Dollars From Bank Accounts Located In Switzerland And The United Arab Emirates
- BAGLEY Would Withdraw Approximately 90 Percent Of The Funds In The Form Of A Cashier’S Check Payable To An Account Held By Another Individual Individual-1
- BAGLEY Would Send The Remainder Of The Funds To His Personal Account
- Account-1 Received Approximately $2.5 Million From The Overseas Accounts
- The Overseas Accounts Belonged To A Colombian Individual Individual-2
- Individual-1 Had A Conversation With BAGLEY Regarding The Fact That BAGLEY Was Moving Individual-2’S Funds Into The United States And That The Funds Represented The Proceeds Of Foreign Bribery And Embezzlement Stolen From The Venezuelan People
- BAGLEY Created A New Bank Account Account-2 In Order To Transfer Additional Money Belonging To Individual-2
- BAGLEY Continued To Receive Hundreds Of Thousands Of Dollars From The Overseas Accounts After Opening Account-2
- BAGLEY Transferred The Majority Of These Funds To Individual-1 But Retained A Commission For His Services
- BAGLEY Faces The Possibility Of A Long Tenure In Prison
- BAGLEY Pled Guilty To Two Counts Of Money Laundering Each Of Which Carries A Maximum Sentence Of 20 Years In Prison
Extracted body text (4,514c)
Press Release Professor Of International Studies Pleads Guilty To Money Laundering Monday, June 1, 2020 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Prof. Bruce Bagley Participated in the International Laundering of Over $2 Million Derived from Venezuelan Bribery and Corruption Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced that BRUCE BAGLEY pled guilty today before U.S. District Judge Jed S. Rakoff to two counts of money laundering. BAGLEY used bank accounts in his name and in the name of a company he created in Florida to launder over $2 million in proceeds of a Venezuelan bribery and corruption scheme into the United States. U.S. Attorney Geoffrey S. Berman said: “Bruce Bagley, a college professor and author, went from writing the book on crime – literally writing a book on drug trafficking and organized crime – to committing crimes. Professor Bagley admitted today to laundering money for corrupt foreign nationals – the proceeds of bribery and corruption, stolen from the citizens of Venezuela. Bagley now faces the possibility of a long tenure in prison.” According to the Indictment and other filings in the case: In or about November 2016, BRUCE BAGLEY, a professor of international studies with publication credits including the book Drug Trafficking, Organized Crime, and Violence in the Americas Today, opened a bank account (“Account-1”) on behalf of a company (“Company-1”) that BAGLEY owned and controlled. Between in or about November 2016 and in or about November 2017, Account-1 had minimal activity. In or about November 2017, Account-1 began receiving monthly deposits of hundreds of thousands of dollars from bank accounts located in Switzerland and the United Arab Emirates (the “Overseas Accounts”). Each month, BAGLEY would receive a deposit of approximately $200,000 from one of the Overseas Accounts into Account-1. Thereafter, he would withdraw approximately 90 percent of the funds in the form of a cashier’s check, payable to an account held by another individual (“Individual-1”). BAGLEY would send the remainder of the funds to his personal account. Between in or about November 2017 and in or about October 2018, Account-1 received approximately $2.5 million from the Overseas Accounts. The Overseas Accounts belonged to a Colombian individual (“Individual-2”). In or about December 2018, Individual-1 had a conversation with BAGLEY regarding the fact that BAGLEY was moving Individual-2’s funds into the United States and that the funds represented the proceeds of foreign bribery and embezzlement stolen from the Venezuelan people. Nevertheless, in or about December 2018, BAGLEY created a new bank account (“Account-2”) in order to transfer additional money belonging to Individual-2. BAGLEY continued to receive hundreds of thousands of dollars from the Overseas Accounts after opening Account-2. BAGLEY transferred the majority of these funds to Individual-1 but retained a commission for his services. * * * BAGLEY, 73, of Coral Gables, Florida, pled guilty to two counts of money laundering, each of which carries a maximum sentence of 20 years in prison. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. BAGLEY is scheduled to be sentenced by Judge Rakoff on October 1, 2020, at 4:00 p.m. Mr. Berman praised the work the FBI. The prosecution of this case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant United States Attorneys Thane Rehn and Sheb Swett are in charge of the prosecution. Contact Jim Margolin, Nicholas Biase (212) 637-2600 Updated June 1, 2020 Topics Financial Fraud Foreign Corruption Component USAO - New York, Southern Press Release Number: 20-118
OCR text (4,514c · plain-text · 99% conf)
Press Release Professor Of International Studies Pleads Guilty To Money Laundering Monday, June 1, 2020 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Prof. Bruce Bagley Participated in the International Laundering of Over $2 Million Derived from Venezuelan Bribery and Corruption Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced that BRUCE BAGLEY pled guilty today before U.S. District Judge Jed S. Rakoff to two counts of money laundering. BAGLEY used bank accounts in his name and in the name of a company he created in Florida to launder over $2 million in proceeds of a Venezuelan bribery and corruption scheme into the United States. U.S. Attorney Geoffrey S. Berman said: “Bruce Bagley, a college professor and author, went from writing the book on crime – literally writing a book on drug trafficking and organized crime – to committing crimes. Professor Bagley admitted today to laundering money for corrupt foreign nationals – the proceeds of bribery and corruption, stolen from the citizens of Venezuela. Bagley now faces the possibility of a long tenure in prison.” According to the Indictment and other filings in the case: In or about November 2016, BRUCE BAGLEY, a professor of international studies with publication credits including the book Drug Trafficking, Organized Crime, and Violence in the Americas Today, opened a bank account (“Account-1”) on behalf of a company (“Company-1”) that BAGLEY owned and controlled. Between in or about November 2016 and in or about November 2017, Account-1 had minimal activity. In or about November 2017, Account-1 began receiving monthly deposits of hundreds of thousands of dollars from bank accounts located in Switzerland and the United Arab Emirates (the “Overseas Accounts”). Each month, BAGLEY would receive a deposit of approximately $200,000 from one of the Overseas Accounts into Account-1. Thereafter, he would withdraw approximately 90 percent of the funds in the form of a cashier’s check, payable to an account held by another individual (“Individual-1”). BAGLEY would send the remainder of the funds to his personal account. Between in or about November 2017 and in or about October 2018, Account-1 received approximately $2.5 million from the Overseas Accounts. The Overseas Accounts belonged to a Colombian individual (“Individual-2”). In or about December 2018, Individual-1 had a conversation with BAGLEY regarding the fact that BAGLEY was moving Individual-2’s funds into the United States and that the funds represented the proceeds of foreign bribery and embezzlement stolen from the Venezuelan people. Nevertheless, in or about December 2018, BAGLEY created a new bank account (“Account-2”) in order to transfer additional money belonging to Individual-2. BAGLEY continued to receive hundreds of thousands of dollars from the Overseas Accounts after opening Account-2. BAGLEY transferred the majority of these funds to Individual-1 but retained a commission for his services. * * * BAGLEY, 73, of Coral Gables, Florida, pled guilty to two counts of money laundering, each of which carries a maximum sentence of 20 years in prison. The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. BAGLEY is scheduled to be sentenced by Judge Rakoff on October 1, 2020, at 4:00 p.m. Mr. Berman praised the work the FBI. The prosecution of this case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant United States Attorneys Thane Rehn and Sheb Swett are in charge of the prosecution. Contact Jim Margolin, Nicholas Biase (212) 637-2600 Updated June 1, 2020 Topics Financial Fraud Foreign Corruption Component USAO - New York, Southern Press Release Number: 20-118