Fall River man pleads guilty to black money scheme
PROVIDENCE, R.I. (AP) — A Massachusetts man has pleaded guilty to defrauding another man out of $100,000 in a so-called “black money” scheme.
Saah Johnson, of Fall River, entered his plea Wednesday in U.S. District Court in Providence.
The Sun Chronicle (http://bit.ly/1zLsZqj ) reports that the 33-year-old Johnson faces up to 10 years prison at sentencing Nov. 25.
Prosecutors say Johnson and another person persuaded the victim to give them $100,000 in cash to process large quantities of “black money” in return for a share of the proceeds.
The perpetrators of “black money” schemes defraud individuals by persuading them they need money to remove black dye from large quantities of bills. The “money” is usually just black construction paper with the exception of some genuine currency to fool the victims.