James Delahunty
2 Nov 2013 1:52
A Liberty Reserve co-founder has pleaded guilty to charges of money laundering for criminals.
The U.S. Department of Justice (DoJ) alleges that Liberty Reserve laundered up to $6 billion for identity thieves and drug dealers, or roughly $1 billion per year. Vladimir Kats, one of the alleged co-founders was arrested in Brooklyn earlier this year.
Kats had parted ways with Liberty Reserve in 2009, but still was charged with conspiracy to commit money laundering and several other serious crimes.
Other arrests were made in Costa Rica, where Liberty Reserve was based.
Liberty Reserve had more than one million users worldwide.