TLDR:
- Jorge Figueira allegedly laundered approximately one billion dollars using cryptocurrency and shell companies.
- The FBI traced funds through multiple crypto wallets to individuals and businesses in high-risk jurisdictions.
- Figueira converted cash to cryptocurrency then back to dollars through liquidity providers to conceal origins.
- If convicted of conspiracy to launder money, Figueira faces a maximum sentence of 20 years in federal prison.
Jorge Figueira, a 59-year-old Venezuelan national, faces federal money laundering charges in the Eastern District of Virginia.
The U.S. Department of Justice alleges he orchestrated a scheme involving approximately one billion dollars in illicit funds.
Authorities claim Figueira used cryptocurrency exchanges, bank accounts, and digital wallets to obscure the origin of these funds.
Extensive Network Utilized Multiple Financial Channels
The criminal complaint outlines how Figueira allegedly established a complex laundering operation spanning multiple jurisdictions.
According to court documents, he employed various bank accounts and cryptocurrency exchange platforms to move money.
Shell companies were also part of the alleged infrastructure used to process the illicit funds.
The FBI tracked approximately one billion dollars through cryptocurrency wallets linked to Figueira’s operation.
“The FBI has identified approximately a billion dollars’ worth of cryptocurrency that was passed through crypto wallets utilized by Figueira,” said Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division.
Davis noted that Figueira enlisted subordinates and conducted numerous transfers to conceal the funds’ nature.
The alleged laundering process involved several conversion steps to maintain anonymity. Figueira would reportedly convert cash to cryptocurrency before directing it through a series of digital wallets.
Subsequently, liquidity providers would exchange the cryptocurrency back to dollars. The converted funds then moved through Figueira’s bank accounts before reaching the intended recipients.
High-Risk Jurisdictions Received Transferred Funds
Financial records show the majority of incoming funds originated from cryptocurrency trading platforms. Meanwhile, outbound transfers went to various entities in the United States and abroad.
Court filings specifically mention high-risk jurisdictions, including Colombia, China, Panama, and Mexico as destination points for these funds.
U.S. Attorney Lindsey Halligan emphasized the gravity of the charges in a statement. “This case involves the alleged laundering of approximately a billion dollars – a scale of criminal conduct that poses a profound threat to financial systems,” she said.
She noted that those who move illicit funds in the billions should expect to be held fully accountable.
The Eastern District of Virginia has jurisdiction over this case, with Assistant U.S. Attorney Catherine Rosenberg handling prosecution. Federal authorities continue investigating the full scope of the alleged laundering network.
Figueira faces a maximum sentence of 20 years in federal prison if convicted. However, actual sentencing would be determined by a federal district court judge.
The court will consider U.S. Sentencing Guidelines and other statutory factors when deciding any potential sentence.
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