Las Vegas Attorney Pleads Guilty to Money Laundering

R. Christopher Reade, 43, pleaded guilty on January 22nd to aiding a client in laundering money he raised through a $16 million Ponzi scheme.  According to United States Attorney Daniel Bogden, Reade could face up to 10 years in prison and a $1,125,000 fine for the federal money laundering charge.  His sentencing hearing has been scheduled for May 2, 2014.  The client, Richard Young, 54, was sentenced to 25 years in federal prison in December 2011 for conspiracy, fraud and money laundering charges.

Reade represented Young and Global One, a Nevada based corporation, beginning in February 2007 with business litigation and transactions.  In the plea agreement Reade acknowledged that Young and Global One funneled $2.3 million, from the Ponzi scheme, into a holding company that Reade created to purchase the currency exchange broker, Trend Commodities.  On August 21, 2007, Reade received $75,000 from Global One for services related to the purchase of Trend.

It was also revealed that Reade falsely told investigators he was unaware of who owned Global One, or how Global One raised the money.  In fact, Reade knowingly assisted Young in an attempt to hinder the investigation of the money laundering charges.

This case was investigated by the IRS Criminal Investigation and the Federal Bureau of Investigation.  Assistant United States Attorneys Steven Myhre and James Keller prosecuted handled the prosecution for the United States.

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