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Ed Martin, a former autoworker who was eventually charged with running an illegal gambling business and laundering money, admitted to lending $616,000 to four Michigan players in the 1980s and '90s.
Sportswashing is a term used to describe the practice of nations, individuals, groups, corporations, or the government using sports to improve reputations tarnished by wrongdoing. A form of propaganda , sportswashing can be accomplished through hosting sporting events, purchasing or sponsoring sporting teams, or participating in a sport.
On 16 November 2015, Alejandro Burzaco, the former general manager and chairman of the board of Torneos y Competencias S.A., an Argentinian sports marketing company, pleaded guilty to racketeering conspiracy, wire fraud conspiracy and money laundering conspiracy. As part of his plea, Burzaco agreed to forfeit more than $21.6 million. [100]
Involvement in professional sports, by sponsorship or ownership, is a prominent activity used for reputation laundering. Examples include the creation of Formula 1 car races in Qatar and Saudi Arabia, [8] ownership of Chelsea F.C. by Roman Abramovich, [9] and ownership of the Newcastle United football club by Saudi Arabian investors. [10]
Craig Clayton would incorporate fake companies and set up bank accounts to launder millions for overseas scammers, investigators say.
In April 2013, in Israel, Eran Mizrahi was convicted for multiple counts of fraud and money laundering and sentenced to 12 years [130] [131] [132] in a scheme which promised and investment in foreign-currency via Swiss banks, but in which outflows were paid from existing investor's funds which were also funneled to Mizrahi and his family.
At certain colleges, these personnel can submit a certain number of sports recruit names to the admissions office, which then views those applications more favorably. Singer used his Key Worldwide Foundation as a money-laundering operation to pay coaches a bribe for labeling applicants as athletic recruits.
Instead, they’re also using funds to attend sports games or watching sports in restaurants or bars, creating a snowball effect of money spent on sports betting and its accompanying entertainment ...