NORFOLK, Va. - (02/10/05) -- A regional assistant superintendentfor Prince George's County schools in suburban Washington, D.C.,pleaded innocent Wednesday to charges she laundered money from amulti-million dollar drug ring through her account at VirginiaEducators CU. Pamela Hoffler-Riddick, 43, was charged with fivecounts of money laundering after she left her job as a principalfor Virginia Beach, Va., schools. Hoffler-Riddick was among 30people indicted on federal charges in connection with whatauthorities claim was a cocaine and marijuana distributionoperation based in Hampton Roads and stretching through Houston,Dallas, Indianapolis, Baltimore, Charlotte and Lexington, Ky.Authorities charged that Hoffler-Riddick enabled the operation bytaking out loans for real estate and a vehicle for one of theringleaders, that were later repaid with proceeds from theoperation deposited in the credit union.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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