Investor in Sri Lanka charged with money laundering by the US

ECONOMYNEXT – Rienzie Edwards, an individual based in Sri Lanka had been charged by US authorities with running an investment scam and laundering the proceeds through bank accounts and shell companies the island.

Rienzie Edwards, Michael Jacobs, Ruby Hanlder-Jacobs, F K Ho, Lawrence Lester and Rachel Gendreau were involved in a scam where 50 million dollars had been defrauded from investors, the US attorney’s office for the Southern District of New York said in a statement.

https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-charges-against-six-individuals-international-high

The prosecutors alleged that investors were defrauded of around 50 million dollars through a scam which scheme which claimed the backing of the US Federal Reserve. Exponential returns of up to 150 times the original sum was promised to investors in the US and elsewhere.

The bulk of the funds had been "laundered through various domestic and overseas bank accounts in Hong Kong, Barbados, the United Kingdom, and Sri Lanka held in the names of shell companies that they controlled" the statement said.

Other than Edwards, who was named as being from Sri Lanka and F K Ho from Singapore, others had already been arrested.

Sri Lanka’s The Sunday Times newspaper’s online edition quoted Rienzie Edwards, an investor who shot to prominence in recent year after making a series of property and hotel investments denied knowing the defendants. Rienzie also owns race horses.

He was quoted as saying that no indictment had been received by him so far.

Rienzie had been previously under investigation in Sri Lanka for alleged money laundering by the island’s Financial Crimes Investigations Division.
(COLOMBO, Dec 16, 2016)
 

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