Federal Jury in Austin Convicts Two Yassine Brothers in Money Laundering Scheme
|U.S. Attorney’s Office October 12, 2012|
In Austin, brothers Hussein Ali “Mike” Yassine, age 40, and Hadi Ali Yassine, age 36, each face federal prison terms after a jury this afternoon convicted them for their roles in a money laundering scheme.
Following a seven-day trial, the jury convicted Mike and Hadi Yassine of one count of conspiracy to commit money laundering. The jury also convicted Mike and Hadi Yassine of three counts and two counts of money laundering, respectively. The jury acquitted Mohammed Ali “Steve Austin” Yassine, age 39, of one count of money laundering. However, Steve remains in federal custody as he faces two additional federal trials based on separate indictments which allege narcotics trafficking and firearms charges.
The jury found that in 2008 and 2009, Mike and Hadi Yassine used several business establishments, including nightclubs, located in downtown Austin to launder over $200,000 in cash, which they believed to be the proceeds of narcotics trafficking. As a result of the jury’s verdict, Mike and Hadi Yassine face up to 20 years in federal prison on each count. No sentencing date has been scheduled.
This investigation was conducted by agents and investigators with the Federal Bureau of Investigation, Internal Revenue Service-Criminal Investigation, and the Austin Police Department, together with the Drug Enforcement Administration, Texas Attorney General’s Office, Texas Alcoholic Beverage Commission, and the Texas Comptroller’s Office. Assistant United States Attorney Gregg N. Sofer is prosecuting this case on behalf of the government.