U.S. Businessman Pleads Guilty in Belize Money-Laundering Scheme
24 May 2016

A U.S. businessman pleaded guilty Monday to helping stock manipulators launder hundreds of millions of dollars through Belize, a victory for prosecutors seeking to crack down on offshore havens.

Robert Bandfield, 71 years old, pleaded guilty in Brooklyn federal court to one count of conspiring to launder money and now faces a maximum of 20 years in prison. He had been set to begin trial next week.

Mr. Bandfield was arrested in 2014 and charged as part of a sprawling probe into overseas shell companies used by various penny-stock promoters to commit financial fraud. He is the third defendant in the case to plead guilty. Several other defendants are still at large.

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