Joseph's insurance business was booming primarily due to one client and this client's referrals. All were in the import/export trade, and a number of million-dollar life insurance policies were purchased with premiums paid by wire transfers from around the world. Joseph noticed much activity on the policies in the form of frequent withdrawals and surrenders, and distributions were made to off-shore bank accounts. He shrugged off any suggestion of illegal activity since he was not actually aware of such. Which of the following is a correct statement when Joseph is found to have facilitated a money laundering scheme?
a. A plea of ignorance will be a successful defense.
b. No fines or penalties will apply since Joseph was not a principal participant in the scheme.
c. Joseph can continue to work as a financial services professional.
d. Closing his eyes to the facts will not be a valid defense.
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Joseph's insurance business was booming primarily due to one client and this client's referrals. All...
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