New Reply

Post a Reply

Thread: New York governor resigns for involving in "prostitution ring"

Title: (100 characters at most)

Content: ( 3,000 characters at most, please )

You can add emoticons below to your post by clicking them.

[quote=MARRIE,275900]The beginning of Spitzer’s end can be traced to three banking transfers that left his personal account at the North Fork Bank in New York last spring and summer. For reasons that have not been satisfactorily explained, these payments totalling $15,000 attracted the attention of bank employees who monitor accounts for signs of suspicious activity.

After the terrorist attacks of 2001 on New York and Washington, laws relating to money-laundering were significantly tightened, requiring banks to file so-called “suspicious activity reports” whenever there is evidence that clients might be trying to sidestep routine regulations.

Spitzer’s transfers to a company called QAT International Inc – later revealed to be a front for the Emperors Club – were reportedly considered by the bank to be an attempt to avoid another law that requires all transactions over $10,000 to be reported to the US Treasury. Breaking down payments with intent to avoid reporting is an offence known as “structuring”.

Yet Spitzer is the son of a multi-millionaire property tycoon and has substantial assets of his own. The notion that as few as three payments from his account of less than $10,000 might be considered suspicious “raises as many questions as answers”, said Dershowitz.

“We are talking about a man who is a multi-millionaire with numerous investments and purchases,” he said. “It’s simply none of the federal government’s business that a man may have been moving his own money around in order to keep his wife in the dark about his private sexual peccadilloes.”

[/quote]

characters left

Name:

Get a new code