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SEC v. Mutual Benefits Corp.: Amusing little-known fact
David Marchant
Posted: Saturday, September 10, 2011
Joined: 9/13/2007
Posts: 1278


Read an SEC Litigation Release at SEC DEFENDANT INDICTED IN MONEY LAUNDERING SCHEME TO HIDE AND CONCEAL ASSETS AND OBSTRUCT JUSTICE IN AN SEC CIVIL ENFORCEMENT ACTION.

It might amuse some in the bank compliance industry to learn that the 'Anti Money Laundering Compliance Consultant' for Mutual Benefits Corp. - which was closed down by regulators on suspicion of operating a $1 billion fraud - was none other than Kenneth Rijock, a convicted money launderer who makes a living advising others on how to detect money laundering.

Quite the mystery why he couldn't detect that Mutual Benefits Corp. was a scam, particularly given that it was controlled by a convicted criminal and career fraudster.


 

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