Eddie Bynum, Sr. Pleads Guilty to Money Laundering

PORTLAND, OR—Eddie L. Bynum, Sr. (a/k/a “Fast Eddie”), 54, of Portland, Oregon, pled guilty to money laundering today in U.S. District Court. The Internal Revenue Service’s (IRS) Criminal Investigation Division initiated a “sting” money laundering investigation of Bynum after learning from the Federal Bureau of Investigation’s Metro Gang Task Force that Bynum might be laundering money for local gang members through his Vancouver automobile dealerships. Bynum is scheduled to be sentenced by U.S. District Court Judge Marco Hernandez on February 18, 2014.

Bynum pled guilty to one count of money laundering and admitted that he accepted $34,000 in cash from an IRS undercover agent to purchase a 2005 Maserati and that the agent told him that the cash came from dealing drugs. Bynum also admitted that he conducted the Maserati sale to conceal the source and nature of the dirty money. Bynum acknowledged he later accepted $50,000 cash from the undercover agent, pursuant to an agreement that Bynum would launder that money by returning the $50,000 to the agent in $5,000 monthly checks from one of his businesses. The government alleged that Fountaine Motors, Manor Highway Auto Inc., JT’s Barber Shop, and Seeznin’s Sports Bar were among the local businesses Bynum used to launder money.

This case stemmed from an investigation by the Internal Revenue Service, Criminal Investigations. The case is being prosecuted by Assistant U.S. Attorney Stacie Beckerman.