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Lawyer Pleads Guilty In Money Laundering Case

43-Year-Old Could Get 10-Year Prison Sentence
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An American medical student is auctioning off her virginity to the highest bidder, and the top offer has hit $801,000 as bidding closes today at 8 p.m. American EST.  (photo: TENGKU BAHAR/AFP/Getty Images)

An American medical student is auctioning off her virginity to the highest bidder, and the top offer has hit $801,000 as bidding closes today at 8 p.m. American EST. (photo: TENGKU BAHAR/AFP/Getty Images)

Nate Tannenbaum Nathan Tannenbaum
Email Nathan at nathan.tannenbaum@cbsradio.com
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 LAS VEGAS (AP) — A 43-year-old Nevada attorney is admitting he helped launder money that federal prosecutors say came from a fraudulent online scheme that bilked more than 1,400 investors out of $16 million.

U.S. Attorney Daniel Bogden says R. Christopher Reade pleaded guilty yesterday to one charge of accessory after the fact to laundering of monetary instruments.

Reade could face up to 10 years in prison and a more than $1 million fine at sentencing May 2.

Reade is a licensed attorney practicing business law in Las Vegas.

He was accused in U.S. District Court in Las Vegas of laundering the money on behalf of Rick Young, the owner of Global One Group LLC in Nevada.

Bogden says the web business said it could train people to trade in foreign currency exchange markets.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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