Bank-fraud scam alleged in Denver and Aurora

[draco]

I just got off the phone with a dispensary owner who stated that the feds have seized funds coming to him from credit card purchases at his Colorado shop since about 4/22. he said that there is an investigation of fraud and it affects over forty dispensaries.

Evidently this was a hush hush deal whereby cops used this as an excuse to 'clean out' a couple of dispensaries.

Bank-fraud scam alleged in Denver and Aurora

Investigators say 700 people were involved in a Denver-based scheme run by Russian immigrants, with losses topping $80 million.

A alleged massive organized bank-fraud scheme involving 16 Russian immigrants was busted by federal agents Friday, with 15 raids at several locations, including an Aurora auto dealership and a Denver medical-marijuana business.

Federal agents said the Denver-based scheme led to losses of more than $80 million and involved 700 people — mostly students in the U.S. on visas who were recruited by the criminal enterprise.

Described by authorities as a "bust out" scam, the allegations involved using the identity and credit line of a business to obtain loans and goods with no intention of repaying the money or paying for the merchandise, according to the case affidavit unsealed Friday. Additionally, some of the 700 obtained credit cards to buy luxury items with no intention of paying for them, while others took out cash loans without repaying, it is alleged.

As part of the investigation, federal agents searched CannaMed, a medical-marijuana dispensary on Leetsdale Drive in Denver. But medical marijuana was not the focus of the search or the investigation, said Jeff Dorschner, spokesman for the Colorado U.S. attorney's office.

"The focus of the investigation is fraud and has nothing to do with medical marijuana, and there is no link to the initial investigation and medical marijuana," he said.

Medical marijuana is legal in Colorado. But under federal law, once a federal agent comes in contact with marijuana, the plants must be seized because the drug is illegal.

A person involved with the medical-marijuana dispensary is potentially involved in unrelated criminal conduct, according to a source close to the investigation.

Federal Bureau of Investigation agents also came in contact with a marijuana-growing operation at another home that was searched Friday.

http://www.denverpost.com/headlines/ci_13104106

 

[milehimedi]

This is old news. Note the date of the article 8/15/2009.

 

[Tr33]

Most know who our local Boulder MMJ Russian Mafia is, also the Northglen/Denver Asian Green Door Mob clinics are too. Nothing new, just don't buy from those dispensaries.

 

[NUG-JUG]

Don't forget The Green House, Green Cross, and they all have bad pot anyway...

 

[moonshine1]

Good stuff