Pasco County man pleads guilty to conspiracy to launder money

PASCO COUNTY, FL. – Sebastian Visicaro, 62, of Trinity, on Thursday pleaded guilty to conspiracy to launder money. He faces a maximum penalty of 20 years in federal prison.

A sentencing date has not yet been set.

Under the plea agreement, Visicaro used his real estate firm, two shell companies, and bank accounts in the companies’ names to launder the money of an international boiler room fraud scheme, fraud. foreign victims through the sale of worthless investments.

Visicaro used companies and bank accounts to receive cheat proceeds, some victims transfer directly to these accounts from abroad.

More commonly, fraudulent funds from victims are routed to US-based accounts controlled by other masterminds and then transferred to accounts controlled by Visicaro.

In such cases, Visicaro’s account is considered a “buffer” account, i.e. a sub-bank account used to transfer and conceal the foreign victim’s funds and avoid detection by the bank.

In total, at least $500,000, and potentially as much as $1.5 million, the victims’ funds flowed into accounts controlled by Visicaro. Then, at the direction of other conspirators, Visicaro transferred most of the funds to accounts held by boiler room dealers and accomplices at other financial institutions — thus advancing the scheme. , concealing the origin of the proceeds and hindering efforts to identify those proceeds.

For his role in the conspiracy, Visicaro received a percentage of the money he helped launder.

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https://www.tampafp.com/pasco-county-man-pleads-guilty-to-money-laundering-conspiracy/ Pasco County man pleads guilty to conspiracy to launder money


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