Cleaning Up in
the Check Cashing Business
Many people have called
check cashing businesses "highway robbers". Now that term seems even
more accurate.
Executives at Supermail
International, Inc., one of the nation's largest check cashers, have
been indicted for laundering money. The executives are alleged to
have allowed employees to accept drug money and to have proposed
buying Supermail stock as a way to launder money. The 67-count
indictment alleges that $3.2 million in drug proceeds were
laundered.
More than 300 people
were arrested and 11 were indicted as a result of a two-year
investigation, which culminated in a raid of the company headquarters
and two other offices. Agents seized firearms, $2.3 million in cash,
and a variety of drugs.
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