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

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Richard Paxton

CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.

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