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United States v. Kennedy

64 F.3d 1465 (1995)

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United States v. Kennedy

United States Court of Appeals for the Tenth Circuit
64 F.3d 1465 (1995)

  • Written by Sharon Feldman, JD

Facts

William Kennedy (defendant) was president of Western Monetary Consultants, Inc. (WMC), which sold precious metals and coins. WMC marketed its service through literature mailings and seminars. When an investor wanted to purchase metal, a WMC consultant would give the investor an approximate price and then obtain a price from the WMC trading department. When that price was locked in, the investor would transfer funds to WMC by sending a check. Instead of immediately purchasing the metal at the locked-in price, WMC delayed purchases or failed to fulfill the orders and used investor funds for other, unrelated purposes. Kennedy was charged with racketeering, mail fraud, and money laundering for participating in a scheme to defraud precious-metals investors. The money-laundering counts alleged that each deposit of money received from an investor constituted a financial transaction involving the proceeds of WMC’s mail-fraud scheme. Kennedy was convicted and argued on appeal that the deposits did not constitute money laundering because WMC had not yet taken complete control of the funds from the mail-fraud scheme and therefore the underlying predicate crime was not yet a completed offense.

Rule of Law

Issue

Holding and Reasoning (Ebel, J.)

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