Guilty Verdict Returned in Money Transfer Case
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Beacon Hill Service Corp., which prosecutors say moved $9 billion through bank accounts at J.P. Morgan Chase & Co., was found guilty by a Manhattan jury on four counts of transmitting money without a license.
The verdict came after a five-day trial that included testimony about the role of J.P. Morgan in moving the money, some of which was tied to drug trafficking, official corruption and organized crime, according to prosecutors. J.P. Morgan has not been charged with any crime related to Beacon Hill.
No individuals were charged in the case, which did not involve charges of money laundering. Prosecutors have frozen more than $13 million that was in Beacon Hill’s J.P. Morgan accounts at the time the company was shut down.
Beacon Hill lawyer Susan Necheles argued that Beacon Hill acted as a business agent, overseeing business checking accounts for its Latin American clients.
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