U.S. District Court, Southern District of New York

Name: Liberty Reserve, et al. — indictment
Author: U.S. District Court, Southern District of New York

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U.S. District Court, Southern District of New York published works such as Liberty Reserve, et al. — indictment. These writings evoke Arthur Belanchuk, user and Costa Rica.

Quotes by U.S. District Court, Southern District of New York

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ Through the defendants’ efforts, LIBERTY RESERVE has emerged as one of the principal means by which cyber-criminals around the world distribute, store, and launder the proceeds of their illegal activity. Indeed, LIBERTY RESERVE has become a financial hub of the cyber-crime world, facilitating a broad range of online criminal activity, including credit card fraud identity theft, investment fraud, computer hacking, child pornography, and narcotics trafficking. ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ Because virtually all of LIBERTY RESERVE's business derived from suspected criminal activity, the scope of the defendants’ unlawful conduct is staggering. Estimated to have had more than one million users worldwide, with more than 200,000 users in the united states, LIBERTY RESERVE processed more than 12 million financial transactions annually, with a combined value of more than $l.4 billion. Overall, from 2006 to May 2013, LIBERTY RESERVE processed an estimated 55 million separate financial transactions and is believed to have laundered more than $6 billion in criminal proceeds. ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ LIBERTY RESERVE’s "exchangers" were third-party entities that maintained direct financial relationships with LIBERTY RESERVE, buying and seiling LR in bulk from LIBERTY RESERVE in exchange for mainstream Currency. The exchangers in turn bought and sold this LR in smaller transactions With and users in exchange for mainstream currency, Thus, in order to fund a LIBERTY RESERVE account, a user was required to transmit mainstream currency in some fashion (through a money remitter for example) to an exchanger. ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ In addition to being used to process payments for illegal goods and services online, LIBERTY RESERVE was also used by cyber-crimina1s to launder criminal proceeds and transfer funds among criminal associates. LIBERTY RESERVE was used by credit-card theft and computerehacking rings operating in countries around the world, including Vietnam, Nigeria, Hong Kong, China, and the United states, to distribute proceeds of these conspiracies among the members involved.
22. The defendants were well aware that LIBERTY RESERVE functioned as an unlawful money-laundering enterprise. ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ Indeed, in an online chat that was captured by law enforcement between VLADIMIR KATS, a/k/a "Ragnar," and AHMED YASSINE AEDELGHANI a/k/a "Alex," KATS explicitly described LIBERTY RESERVE’s activities as "illegal" and noted that "everyone in USA" such as "DOJ" knows "LR is [a] money laundering operation that hackers use." ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ That is, the user could receive transfers of LR from other users’ accounts, and transfer LR from his own account to other users – including any "merchants" that accepted LR as payment. LIBERTY RESERVE charged a one-percent fee every time a user transferred LR to another user through the LIBERTY RESERVE system. In addition, for an additional "privacy fee" of 75 cents per transaction, a user Could hide his own LIBERTY RESERVE account number when transferring funds effectively making the transfer completely untraceable, even within LIBERTY RESERVE'S already opaque system. ”

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Source: Wikisource

U.S. District Court, Southern District of New York, Liberty Reserve, et al. — indictment (2013)

“ By November 2011, LIBERTY RESERVE had still been unable to obtain a license from SUGEF to operate legally in Costa Rica. compounding the Company's troubles, on or about November 18, 2011, the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a notice to financial institutions within its network of the risks associated with providing financial services to LIBERTY RESERVE The notice stated, among other things, that: " [i] nformation obtained by the United states Department of the Treasury indicates LIBERTY RESERVE is . ”

U.S. District Court, Southern District of New York

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