PennLaw, LLC

Criminal Defense Representation in State and Federal Courts

Free Initial Consultation
Local 724-602-4583
Local 412-342-8000
toll free 866-675-1792
Nav Menu

Chief Operating Officer of MVMC Faces 210 Years in Prison

The bureau states MVMC practiced what is called "playing the float." Simply put, playing the float is similar to writing a check for an amount you do not have in your checking account, hoping that you can make a deposit before the check clears. MVMC was allegedly doing this on a massive scale, but with funds that were supposed to be held on behalf of its customers.  Instead of keeping the funds secure and in separate accounts, MVMC used its customers' funds to pay for its operating expenses.

The case against MVMC was brought by the Financial Fraud Enforcement Task Force, which was formed to aggressively investigate and prosecute white collar crimes. The Task Force is combination of federal agencies and departments that work with local law enforcement.
Playing the float is a dangerous proposition, especially when doing so with money that belongs to other people. In this case, many of MVMC's clients were banks that had accepted TARP funds. When taxpayer dollars go missing, you can expect the authorities to be very aggressive in investigating any fraud or abuse.

 Source: NewYork.FBI.gov: Chief Operating Officer of Money Service Company Pleads Guilty in Manhattan Federal Court to Defrauding Banks, Retailers, Hospitals, and Universities Out of Over $50 Million; 10/14/10

No Comments

Leave a comment
Comment Information

Office Locations

Butler Office
106 South Main Street
Suite 801
Butler, PA 16001
Phone: 724-602-4583
Toll Free: 866-675-1792
Fax: 724-284-9402
Phones Answered 24 Hours A Day
Email | Map & Directions

Pittsburgh Office:
100 Ross St., Suite 340
Pittsburgh, PA 15219
Phone: 412-342-8000
Phones Answered 24 Hours A Day
Email | Map & Directions

Erie Office
1415 West 38th Street
Erie, PA 16508-2323
Toll Free: 866-675-1792
Phones Answered 24 Hours A Day
Email | Map & Directions

blog twitter you tube facebook
Nav Menu