A University of Miami professor blamed a controversial law enforcement informant for his career-ending decision to try and hide $3 million in proceeds from a corruption scheme run by a businessman connected to Venezuela’s socialist government.
Bruce Bagley revealed the identify of the informant and the businessman in pleading guilty Monday to two counts of money laundering. He faces nearly five years in prison when sentenced Oct. 1 and also agreed to forfeit $474,000.
“I should have understood that the money involved were proceeds of unlawful activity,” the 74-year-old Bagley said during a Manhattan federal court hearing conducted via video conference because of the coronavirus pandemic.
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(Photo: University of Miami)