Got a license for that financial transaction?

San Diego attorney Richard Medina Jr. and alleged co-conspirator Omar Trevino Caro Del Castillo faced allegations in federal court today (October 17) of laundering almost $12 million through international financial transactions without the proper licensing.

In an indictment unsealed this afternoon, they were charged with transferring cash for third parties without registering with the Secretary of the Treasury, as required by law. They received fees for the transferring service, according to the government.

To mask currency transmissions, Medina allegedly opened "Interest on Lawyers Trust Accounts" (IOLTAs) at financial institutions. Other co-conspirators picked up cash at various locations in the United States, according to the indictment. By using the IOLTA accounts, the defendants and their clients abroad intended to avoid the requirement that currency transactions exceeding $10,000 a day must be reported, according to the indictment.

The government has asked that Caro Del Castillo be held without bond as a flight risk. Medina was released on $200,000 bond. Medina, a graduate of the University of San Diego School of Law, purportedly practices law in business, estate planning, intellectual property, and real estate.