The Biggest Money Laundering Scheme In History - Patrick McKenzie

[@bdcochran01]

Step by step: 1. You open an art gallery on Rodeo Drive, Beverly Hills. 2. You take a trip to Columbia. There you buy some touristy stone "art work" that costs $1000 a unit. 3. You import the "artwork" and declare that you paid $10000 a unit. Customs officials scratch their heads. But, they collect some customs duties. 4. You put each "artwork" on "sale" for $50,000 a unit. You report the sales for income tax and sales tax purposes. Your local small time drug distributor pays in cash. 5. The valuable "artwork" is then sold through a higher class gallery to a collector for $2 200,000. Every thing is legal and you have laundered your drug proceeds.

[@Sam-fp8zm]

interesting

[@EricMcConnaughey]

Colombia.

[@squamish4244]

Wait - if you put each piece of artwork on sale for $50,000 a unit, then how do you sell it through another gallery for $200,000? I missed the middle step.

[@unreferencedG]

@@squamish4244 perhaps by selling 4 units ?

[@amanberhane2657]

If you haven’t done it I don’t want to hear hypotheticals! Bring on the madoffs of the world.

[@drdread9896]

Exactly

[@carlosalvarez4641]

Nicely explained. Could you make an analysis on what is happening in Venezuela, and potential solutions?

[@aznviet206]

I see a flaw in his example. How could you transfer that much money to purchase the property in the first place without racing any red flags?

[@UnExile]

If you pay your taxes on the transaction and everything else is legit, and you don’t have a history or rap sheet relating to money laundering…. Nobody will question you when you tell them it’s all the money you saved up from birthdays… the key is to start small like a laundromat business funny enough.

[@aznviet206]

@@UnExile ​​⁠we’re talking about a billion though?

[@cherrysprite2932]

@@aznviet206bro has really good friends if he gets all that money from saving birthdays 💀

[@MayorSom]

Red flags only goes off when average joe withdraws $9,999

[@Joe-ge8ud]

@@aznviet206 I think that is where crypto comes in, oh i got 60k from my whatever and invested it in a shitcoin and now i have 1 billion.... like a lawyer can say something like that and stop any questioning... no one is really out there trying to stop millions of dollars of economy rolling through their town tho.

[@raoultesla2292]

wait wait wait, my whole economy is a ponzie launder? got it. cheers the enlightenment.

[@andrewferguson6901]

The money isn't the economy, money is the engine grease that let's the economy move. Stacking money is the reward you squeeze out for actually pushing the engine, typically by organizing and paying people to work for you. People with billions of dollars are better at squeezing.

[@EricMcConnaughey]

I'm sorry, but this guy talks so frakking fast I can't follow anything he says.

[@Harmxn]

slow down the video to 0.75x or 0.5x

[@ar-o2x5q]

What does he say? "he doesnt say it in many words I will say it ....... japanese bank"?

[@rjpj474]

By this logic, isn't CZ/Binance a much bigger money laundry?

[@ayooshiyer8621]

It is he had to step down for that reason

[@rjpj474]

@@ayooshiyer8621 so, bigger than what SBF was doing… so, binance would be the biggest in history… and CZ got a slap on the wrist… just an oversight by Patrick, that’s my only point… fwiw i doubt either of these were the biggest laundering schemes in history

[@mac9245]

SEC approved plan!

[@MayorSom]

Stop playing rent. Simples! 😊