SCOTUS rules on money laundering

January 1, 2008
In a split decision this morning, the Supreme Court of the United States has defined money laundering and tossed out the convictions of an East Chicago man.

The high court ruled on U.S. v. Efrain Santos, et al., No. 06-1005, which involved a money-laundering ring in East Chicago.

A majority of justices held today that "proceeds" according to the federal money-laundering statute applies only to transactions involving criminal profits, not criminal receipts.

Indianapolis attorney Todd Vare with Barnes & Thornburg argued before the high court Oct. 3, 2007.

This story will be updated in this afternoon's Indiana Lawyer Daily.

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