South Carolina woman pleads guilty to money laundering

SAVANNAH, Georgia: A Saluda, South Carolina woman has been sentenced in federal court after pleading guilty to money laundering.

The sentence was imposed by Federal District Court Judge J. Randal Hall and announced by Margaret E. "Meg" Heap, U.S. Attorney for the Southern District of Georgia.

Laura Frantz, 62, of Saluda, pled guilty to Money Laundering, and has been sentenced to 27 months in prison, ordered to pay restitution in the amount of $138,673, and three years of supervised release upon completion of her prison term.

There is no parole in the federal system.

"One cannot simply wash away the origins of illegally obtained money through financial schemes," said U.S. Attorney Heap. "This guilty plea demonstrates that those who attempt to conceal criminal proceeds will face the consequences."

As detailed in court documents and testimony, between 2020 and 2023 in Richmond County, Georgia, Frantz knowingly engaged in monetary transactions involving proceeds from a business email compromise scheme that caused victim companies to transfer funds into bank accounts controlled by the defendant. Frantz was not entitled to those funds. The FBI warned Frantz on multiple occasions that her conduct was potentially criminal. Despite those warnings, she continued to withdraw and use portions of the fraudulently obtained funds.

"The FBI and its partners will relentlessly pursue individuals looking to illegally move funds for illicit purposes," said Matt Ploskunak, Supervisory Senior Resident Agent in FBI Atlanta's Augusta Office. "Anyone engaged in this type of criminal activity should realize they are not outside of the reach of law enforcement."

This case was investigated by the FBI and prosecuted for the United States by Southern District of Georgia Assistant U.S. Attorneys Patricia G. Rhodes and Jennifer S. Thompson.