Attorney heads to prison in money laundering case

LAS VEGAS -- A federal judge sentenced an attorney Tuesday to a year in prison for helping a client launder $2.25 million that was obtained fraudulently in an online investment scheme, Nevada's U.S. Attorney's Office said.

U.S. District Judge Kent Dawson allowed attorney R. Christopher Reade, 43, of North Las Vegas, to self-report to federal prison by Oct. 17. Reade pleaded guilty in January to one count of accessory after the fact to laundering of monetary instruments.

"Reade's conduct was not a "one-off" act spawned by the unfortunate coupling of naïveté and necessity," said Assistant U.S. Attorney Steven Myhre. "It was a knowing, calculated, and sophisticated course and pattern of conduct motivated by greed and engaged in over time. Reade knew that his conduct was wrong and that it ran contrary to his professional obligations as an attorney and would hurt others."

Reade's client, Rick Young, owned Global One Group, LLC, a web-based Nevada company that purported to train others on how to trade in the foreign currency exchange market known as FOREX. In March 2011, Young was convicted by a federal jury in Nevada of conspiracy, fraud and money laundering charges. In December 2011, he was sentenced to 25 years in prison and ordered to pay $13.3 million in restitution.

The case was investigated by the FBI and IRS Criminal Investigation, and prosecuted by Myhre and Assistant U.S. Attorney James Keller.

 


More Stories

  • Community Calendar
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Connect with 8 News NOW
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Founder's Day of Caring
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Community Pride
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
  • Politics Now
    Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest News

Video Center