Stockbroker pleads guilty to money laundering

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John Burch, a former stockbroker with Wachovia Securities, has pleaded guilty to federal charges of laundering over $300,000 received through bribery and racketeering. Burch opened multiple brokerage accounts during 2001, 2002, and 2003 to launder criminal proceeds from Milt Morris. Transactions were broken down into small deposits to hide the transactions. Burch also lied to U.S. Postal Inspectors and IRS agents when questioned about the transactions. He is likely to get three to five years in prison.

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