Fall River Man Pleads Guilty In “Black Money” Scheme
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 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.