Tuesday, January 4, 2011

UFC Fallout: Chael Sonnen Pleads Guilty to Federal Money Laundering Charge

Did I do that! Chael Sonnen has pleaded guilty to one count of federal money laundering for his part in a shady real estate deal in 2006, according to a press release by U.S. Attorney’s Office in Oregon. Sonnen struck a plea deal that would likely keep him out of prison.

Sonnen is expected to receive two years of probation when he is sentenced on March 28, just a little less then a month after he comes off his fighting suspension by the California State Athletic Commission (CSAC) for unauthorized uses of testosterone therapy which expires on March 2nd.
As part of his plea deal, Sonnen agreed to give up his Realtor’s license and pay a $10,000 fine [OrgeonLive]
“Sonnen submitted a false letter and Sales Agreement Addendum instructing the title company to pay loan proceeds to a plumbing company for repairs to the home. In fact, Sonnen knew and had negotiated with Rosabal that no repairs would be performed on the home and the funds designated to the plumbing company would instead be paid to the buyer as a cash incentive to purchase the home. This agreement was not disclosed to (the mortgage company). Once the loan was funded, the title company paid over $69,000 to the plumbing company [Crown Plumbing, a company owned by Sonnen's mother] and the plumbing company, in turn and at Sonnen’s direction, paid $65,000 to the buyer of the home.”

By CagE

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