Bank of China managers ran $485m laundering scam

Two former managers of the Bank of China and their wives have been sentenced for international money laundering after being found guilty by a jury in Las Vegas.

US District Judge Philip Pro sentenced the two men to over 20 years in prison each, their wives will serve eight. All four defendants were also ordered to pay $482m in restitution.

Evidence presented during the trial established the elaborate scheme to defraud the Bank of China of at least $485m million, orchestrated by the former managers.

The scheme involved efforts by the bank managers to launder the stolen money through Hong Kong, Canada and the United States.

Evidence also proved that the bank managers’ wives assisted their husbands in laundering the proceeds of the scam.

The scam also involved laundering the stolen money through Las Vegas casinos, via bets that ranged from $20,000 up to $80,000.