The Crime for the History Books (A Real Estate Scheme for Money Laundering)
A real estate lawyer’s money laundering scheme to legitimize drug money
Lawyer Albert Barnes ran a very slick real estate scheme, which was very difficult to detect, as long as everyone involved kept their mouths shut. For a real estate lawyer, it was a genius scheme—make people sign the paperwork for the deed and mortgage, together with other paperwork that was necessary for the loan but using a false name and a fake ID. This way, the real property owners would never know what was going on since, when the title company checked the records, they would fail to find the mortgage or deed Albert worked with as they would examine the correct chain of title.
However, since Albert’s people never owned the property and weren’t in the chain of title, finding them was impossible. Again, anyone checking Albert’s records would see a bonafide loan file with a mortgage and deed for the most part. As the organization to whom the mortgages were sold was controlled by Ken’s number 1 man, Victor—who provided them with the money—it would be a clean case of money laundering hidden from prying eyes.
Having made a career in real estate, Albert knew what was needed to make this real estate scheme work. Reed brought him the cash in small amounts, which he deposited in the trust account. Once the amount was close to $100,000, Albert would close a loan and get a check from the trust account in exchange for the signed deed on a piece of property they didn’t own.
Victor would give both Albert and Reed some cash on the side, thus making everyone involved happy. As long as those signing false names with fake IDs didn’t ask questions and were kept quiet, there was no need of finding more people from a list of real estate agents, as Albert and Reed worked seamlessly together with Victor, ensuring no one was hurt in this money laundering scheme.
Have you heard of any slick money-washing schemes in your town? Let us know in the comments section below. Reach me on Facebook, Twitter, and Goodreads to talk more about the criminal underworld. Don’t forget to check my books on my website at www.kennethfunderburkauthor.com to know more about this cool scheme and Albert’s fate.