Is Bank of America a Racketeering Enterprise? You decide.
For over a year now, I have been very aware of Bank of America’s practices
and I now know how they relate to RICO. I have researched this for many months
now. I became aware of it when a fellow blogger asked: “Why isn’t Bank of America being charged under RICO, they are clearly racketeering?” This opened
my eyes and answered many of my questions regarding their practices. Of course,to better understand this topic, first we must know what racketeering is. Thatsaid, what is racketeering? Racketeering is the act of operating an
in order to make a profit, perpetrated by a structuredgroup. It is a broad category of criminal acts. Racketeering is closely associatedwith organized crime, since both are conducted by groups.Racketeering encompasses many criminal acts. It includes
against businesses or
. Governments can also be victimizedby racketeering; examples include counterfeiting money and trading in untaxedalcohol. Racketeering can also take the form of providing illegal services, such asprostitutionor drug trafficking. Racketeering also takes place among legitimatebusinesses or labor unions, where it is sometimes referred to as white-collarcrimes. Examples include
and money laundering.Under the
Racketeer Influenced and Corrupt Organizations Act
(commonlyreferred to as the
of a syndicate to be tried for the crimes which they
others todoor assisted them,closing a perceived loophole that allowed someone who tolda man to, for example, murder, to be exempt from the trial because they didn'tactually do it.
Those found guilty of racketeering can be fined up to $25,000 andsentenced to 20 years in prison per racketeering count. In addition, the racketeermust forfeit all ill-gotten gains and interest in any business gained through apattern of "racketeering activity." RICO also permits a