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Using Slots for money laundering?

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Post by DrSchool Wed Mar 20, 2013 7:54 am

http://qz.com/62764/more-on-the-chinese-missing-millions-that-may-have-been-laundered-through-las-vegas/

So supposedly the Chinese woman laundered 62 million dollars at slot machines in Vegas. But how is stealing money from a company and then gambling it away considered laundering?

Interesting to see that they even have 1000$ per spin slots. One spin of that machine could feed a lot of children.

Throw the culprits in jail and throw away the key I say! Most rich Chinese think they are untouchable (because in China many of them are untouchable) which in turn causes them to be evil. I may write a book on all the vile actions of rich Chinese that I witnessed in person (in Asia). Even my wife (who is Chinese) says that rich Chinese are the scum of the earth. Since 2005, I have only met one wealthy Chinese man who was not completely despicable.
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Post by Lurker Wed Mar 20, 2013 12:47 pm

I think you can count on one hand the American rich guys that aren't scum.

I'm not clear on the money laundering scheme, either. I'd say they lost a lot of the money, but their winnings became laundered money:

In documents lodged with the same court, creditors’ law firm Stroock, Stroock and Lavan said Bi’s tax returns for the years 2009, 2010 and 2011 showed she reported just under $17 million of “gambling winnings” as income, along with an almost matching amount of what she called “gambling losses.” The lawyers alleged: “This huge ‘gambling’ cash flow is inconsistent with Bi’s banking records and gives rise to a strong suspicion that Bi may have engaged in money laundering and tax evasion.” The lawyers added that Bi maintained accounts at the Wynn casino in Las Vegas as well as Bellagio.
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Post by Ben Reilly Wed Mar 20, 2013 4:00 pm

Yeah, being rich seems to bring out the worst in a lot of people. I read a few years back that rich people in Mexico were starting to openly insult and in some cases even assault the poor.
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