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Sonnen Pleads Guilty To Money Laundering
Posted By Adrian Wilkins On Jan 3 2011 @ 10:29 pm In MMA | No Comments
As if being suspended for testing positive for a PED, Chael Sonnen’s name has come up in a money laundering case. As of this very moment, not a lot has been divulged, but the following excerpt came from the Lake Oswego Review:
‘A licensed Realtor from West Linn, Sonnen admitted before a judge Monday that he conducted a financial transaction designed to hide or disguise the ownership and control of proceeds of mortgage fraud, according to a U.S. Department of Justice press release.
Marcus Williams, a special agent in charge of IRS criminal investigations for the Pacific Northwest, issued a public statement about Sonnen’s case.
“West Linn residents, and other residents throughout the Portland-Vancouver area, can rest assured knowing that federal law enforcement agencies take mortgage fraud very seriously because it played a major role in almost crippling this nation’s banking system just a few years ago,” he said.
Money laundering carries a sentence of up to 20 years in prison and a $500,000 fine.’
As more news of this occurs, it will be reported right here at Pro Sports Blogging.
As of 11:37PM there’s been more developments on this shocking story!!!
The following is from Sherdog.com
“UFC middleweight Chael Sonnen has pleaded guilty in federal court to one count of money laundering stemming from his work as a real estate agent in 2006.
Sonnen, 33, entered the plea Monday before the U.S. District Court in Portland, Ore., according to a press release from the U.S. Department of Justice. His sentencing was scheduled for March 28 at 11:30 a.m. The government will recommend that Sonnen be sentenced to two years of probation, according to The Oregonian. The maximum sentence for money laundering is 20 years in prison and a fine of $500,000.
According to the release, Sonnen “admitted that a financial transaction he conducted was designed to conceal or disguise the ownership and control of the proceeds of wire fraud.”
Specifically, Sonnen allegedly arranged for a title company to pay $69,000 to a plumbing company for repairs to a Portland home that Sonnen was involved in the sale of. The release states that Sonnen knew that no repairs would be made to the home. Once the loan was funded, according to the U.S. Department of Justice, the plumbing company was directed by Sonnen to pay $65,000 to the homebuyer as a cash incentive for purchasing the home.
In 2010, Sonnen ran for a seat in the Oregon House of Representatives, winning the Republican primary in the state’s 37th District. However, Sonnen withdrew from the race in June, citing “a 2006 legal issue… that needs my immediate attention.” ‘
We will keep a very close eye on this story as it continues to develop.
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