Posted on 11/18/2003 4:23:09 PM PST by scarface367
Radio talk show host Rush Limbaugh may have violated state money-laundering laws in the way he handled the money he used to buy the prescription drugs to which he was addicted, law enforcement officials in Florida and New York told ABCNEWS.
A conviction on such charges in Florida would be a first-degree felony, punishable by up to 30 years in prison.
Limbaugh returned to the airwaves this week after five weeks of rehabilitation for his admitted addiction to prescription painkillers.
His lawyer denied today there was any foundation for a money-laundering prosecution.
"There's no basis for these charges. He has not committed any acts of money laundering and he absolutely denies it," lawyer Roy Black told ABCNEWS. "I can assure you — and Rush assures the listeners to his radio station — when we can, we will tell the story, and he will tell it himself. Everybody will see what has really gone on here."
Limbaugh makes an estimated $35 million a year and had no shortage of legally earned money to the buy the painkillers to which he became addicted.
Authorities say they became aware two years ago, during an investigation of New York bank US Trust, that Limbaugh had taken between 30 and 40 cash withdrawals from his account in amounts just under $10,000.
Banks must file a report to the government if someone withdraws more than $10,000 at once.
Limbaugh's lawyers confirm that as part of US Trust's service, a bank employee personally delivered cash to Limbaugh at his New York studio in amounts of $9,900 or so.
"That in itself is a suspicious activity: They are structuring their transaction to avoid reporting to the government, and the bank is required to file with the federal government something called a suspicious activity report," said Jack Blum, an expert on financial crimes.
Limbaugh's lawyers say it was US Trust that suggested the arrangement. In July 2001 the bank paid a $10 million fine because of the Limbaugh transactions and many others like it.
Limbaugh's name was not made public at the time but officials told ABCNEWS details were forwarded to state and federal investigators in Florida.
"Now the problem will be: Did he then assist his drug supplier in hiding the proceeds from the government?" said Blum.
Limbaugh's lawyers say he did not do that and that he is being falsely accused by those who want to force him off the air.
Officials say a decision on whether to prosecute on money-laundering charges will be made in the next few weeks.
So, if the speed limit on the freeway is 65mph and I drive at 64mph, am I a "suspicious" driver?
-PJ
That's my understanding of it, but I haven't been involved in banking for 20 years.
I ask because I recall you work in criminal law, and I haven't reviewed these matters in ten years.
You're mistaking me for someone else. I write boring technical documents for an obscure agency of the Department of Defense. It's not a bad living, but it has nothing to do with criminal law.
I did not know that. Thank you.
I purposely avoid the $10k limit, because it is none of the damn government's business.
I will continue to do so.
Until you go to jail.
Welcome to the War On Drugs.
Sounds like nothing. I tip bartenders in cash, and whether I know that they are going to account for it in their taxes properly or not... it doesn't matter. It is not a "conspiracy" on my part.
This is a pretty weak and lame story in its entirety, IMHO.
Thanks - I want the truth regardless. I am one of those that didn't beleive that Rush had a drug problem. And now they come out with this. I'll listen to Rush now just to tick off his opponents. I'm skeptical about this series of accusations as well. I hope I'm right.
No problem. :) That definitely wasn't me. I know exactly nothing about Florida law.
You could withdraw about any amount you want over the $10,000 dollar limit without getting more than a passing interest from the Feds as long as you rarely do so. But if you made repeated withdrawals of amounts just under the $10,000 limit, you could expect to have a lot of interest from the Feds. (and you would be guilty of money laundering)
That should read perhaps "illegal reason".
Authorities say they became aware two years ago, during an investigation of New York bank US Trust, that Limbaugh had taken between 30 and 40 cash withdrawals from his account in amounts just under $10,000.
Why would a multi-multi millionaire making cash withdrawals be suspicious?
You would expect honest or dishonest people to keep it under $10,000 so as not to have to explain it.- Tom
Use Bleach - you don't know where those coins have been. :)
Great, then I have a file for my last car purchase. Heaven forbid anybody actually saves for what they want rather than buying on credit and paying a fortune in interest.
It's like a failure to file...a separate offense whether your income is legal or not. Again, IIRC.
5.56mm
It shouldn't be suspicious, but if I were he, I'd withdraw a couple of hundred thousand at a time and let them wonder what I was doing with it. Taking out $9,900 30 or 40 times was asking for attention.
I defy *any* of you to find passages in the PA that describe these statutes as being applicable ONLY to terrorism!
YOU GUYS gotta learn to read - and think!
JUST because an act is named something doesn't indicate it's applicability ... it's what's INSIDE that matters ...
THE way the reaction is shaping up - this is NEWS to you.
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