The indictment alleges the conspiracy-fueled paper’s massive revenue growth in recent years was tied to the chief financial officer’s fraudulent “Make Money Online” team.
I agree I am not sure how to do this with a business that isn’t cash based. Pretty sure I could pull it off with say a restaurant or a barbershop or something that people use paper money for.
Also not sure how true this is but I heard from an accountant that if you run a legit cash business you are more likely to be audited compared to a money laundering scheme. Since a fake business can make itself look 100% statistically aligned with the models the IRS uses while a real business is much more likely to be slightly off.
Not super surprising. I figured it was just the plaything of a couple rich Chinese expats. Never let a good slush fund go to waste, am I right?
actually it is vaguely surprising. They know how to launder money?
Not very well, it would appear.
Chinese laundry businesses have been around as long as Chinese in the Americas.
I agree I am not sure how to do this with a business that isn’t cash based. Pretty sure I could pull it off with say a restaurant or a barbershop or something that people use paper money for.
Also not sure how true this is but I heard from an accountant that if you run a legit cash business you are more likely to be audited compared to a money laundering scheme. Since a fake business can make itself look 100% statistically aligned with the models the IRS uses while a real business is much more likely to be slightly off.