Wednesday, Jan. 22, 2014 | 9:31 p.m.
A Las Vegas attorney pleaded guilty today to helping a client launder money he raised through a $16 million Ponzi scheme.
U.S. Attorney Daniel Bogden said R. Christopher Reade, 43, could face up to 10 years in prison and more than $1 million in fines for the federal money laundering charge. Reade’s sentencing has been slated for May 2.
Reade, who practices business law, reportedly laundered $2.25 million obtained through a Ponzi scheme by Rick Young, owner of Global One Group LLC in Nevada.
The company said it could train others how to trade in the foreign currency market and offered web-based training seminars. It asked participants to provide money for loans to Global One and told them that they would be able to earn high yield returns on their investments, Bogden said.
Instead, Young took his investors’ money, collecting as much as $16 million from 1,400 people from 2006 to 2008.
Young was convicted by a federal jury in March 2011 for conspiracy, fraud and money laundering charges. He was sentenced to 25 years in prison and ordered to pay $13.3 million in restitution.
The case was investigated by the IRS and the FBI.