Slidell man sentenced in federal money laundering case - FOX 8, WVUE, fox8live.com, weather, app, news, saints

Slidell man sentenced in federal money laundering case

Prosectors say he illegally diverted more than $300,000  (Source: WVUE file graphic) Prosectors say he illegally diverted more than $300,000 (Source: WVUE file graphic)

A Federal judge sentenced a Slidell man to more than two years in prison for money laundering.

Richard Zanco, 44, of Slidell had already pleaded guilty in the case.

According to court documents, Zanco found out that someone had opened a brokerage account in his name. Prosecutors say he used that account to fraudulently obtain CMOs, a type of mortgage bonds. They say he gained control of the accounts and arranged for interest from the bonds to be diverted to his own accounts. During 2013, the court documents indicate he illegally used $343,998 of the proceeds to buy multiple automobiles and at least one boat.

U.S. Attorney credits the FBI and IRS with the investigation.

U.S. District Judge Susie Morgan sentenced Zanco to 30 months in prison to be followed by three years of supervised release.

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