Last year, 73-year-old Bruce Bagley was charged with money laundering after a sealed indictment was issued on October 24, 2019. The indictment laid out one count of conspiracy to commit money laundering and two counts of money laundering, as well as a provision for the forfeiture of Mr. Bagley’s assets. Mr. Bagley is considered an expert in the field of organized crime and illicit financial transactions.
The charges stem from an alleged scheme in which Mr. Bagley received about $3 million in deposits from Swiss bank accounts and the United Arab Emirates. The funds are believed to be proceeds of a Venezuelan bribery and corruption scheme. Mr. Bagley allegedly kept approximately 10 percent of the proceeds of the $2.5 million that allegedly passed through his shell companies. After each deposit, Mr. Bagley allegedly deposited a large amount into an associate’s account.
The indictment alleges that Mr. Bagley received money from the foreign accounts, and used his shell company accounts and accounts of associates to launder money through them, retaining around 10% as a fee for his actions. The money was purportedly derived from graft and corruption in connection with Venezuela publics works projects.
Mr. Bagley is most well-known for serving as a professor of international relations at the University of Miami. In addition, he authored several books on the subject on money laundering, including the book Drug Trafficking, Organized Crime, and Violence in the Americas Today. Additionally, Mr. Bagley previously served as an expert witness for the defense and as an FBI consultant.
In statements to the media, Mr. Bagley has denied any involvement. He is currently on leave from his job at the University of Miami. If convicted, Mr. Bagley faces up to 20 years in prison.
White Collar Defense Attorneys
Freeman Law represents companies, executives, and individuals in regulatory and white-collar government investigations and prosecutions. We employ a proactive approach to defend vigorously and strategically position our clients. White-collar matters often involve parallel regulatory and civil proceedings. Freeman Law can navigate the complexities and collateral consequences of multiple proceedings. And when it comes to the court of public opinion, we employ ethical and strategic tactics to manage publicity. Schedule a consultation or call (214) 984-3000 to discuss your allegations and investigations concerns.
