How Today’s FinCrime Technology Disrupts Criminal Profit Streams
According to the US Department of Justice, Connor Pennington, of Washington DC, pleaded guilty on January 30 to laundering roughly $3.5 million, which was generated by the illegal sale of marijuana. Pennington was the CEO of a company called JointVentures, which operated under the name “Joint Delivery” and served as a delivery service for a variety of cannabis products, including pot, vape cartridges, wax, and edibles. The natural reaction to hearing this news without diving deeper is surprise, as JointVentures sounds like a legit cannabis business conducting legitimate business. The problem? JointVentures was never licensed as a medical marijuana dispensary in any state or in the District of Columbia, where cannabis is legal
CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.