Man pleads guilty to money laundering
A Corona de Tucson man pleaded guilty to money laundering and mail fraud Wednesday, the U.S. Attorney’s Office announced.
Phillip Mark Cain, 45, worked as a financial advisor in Tucson. He defrauded investors by $1, 452,985, said Manny Tarango, a spokesman for the U.S. Attorney’s Office.
Cain told the investors that their money would be invested in Deutsche Bank structured notes, but opened business and personal banking accounts where he put the checks or wire transfers, Tarango said.
Cain also fraudulent statements by mail to the investors and withdrew funds in amounts less than $10,000 to avoid currency transaction reports that banks file for withdrawals greater than $10,000, Tarango said.
Cain pleaded guilty to one count of mail fraud, engaging in an illegal monetary transaction greater than $10,000, and structuring transactions to evade currency reporting requirements, Tarango said.
He is scheduled to be sentenced on Feb. 22 and faces between 46 and 57 months in prison under the terms of his plea agreement, Tarango said.