A former Seneca man has entered a guilty plea in the government’s case alleging conspiracy to commit money laundering. Now Frederick D. Gibbs, 47, awaits sentencing in U-S District Court. Gibbs, who had identified himself as a financial sector worker, had been indicted on four counts of money laundering to conceal the nature, location, source and ownership of property relating to trafficking of contraband cigarettes. But, according to federal court documents, Gibbs withdrew his plea of not guilty and entered into a plea agreement December 5 in which he admitted guilt to count one of the indictment, charging conspiracy to commit money laundering. In the agreement signed by Gibbs, the defendant said, “I am guilty as charged of conspiracy to commit money laundering. I exercised extremely poor and uncharacteristic judgment in agreeing to use proceeds from illegal activities to make loans available to others and to accept cash in exchange for cashiers’ checks. In both instances I benefited financially….” The potential maximum sentence is a $250 thousand fine and 20 years in prison.
