Hundreds of millions of dollars in illicit loans were routed to Dubai through a money exchange controlled by Mr. Farnood, who founded the bank.
The eight are collectively accused of bilking taxpayers in Bell, a blue-collar city of 40,000 near Los Angeles, out of roughly $5.5 million through excessive salaries, benefits and illicit loans of public money.
Mr. Rizzo, who had served as Bell's chief administrative officer since 1994, was also charged with funneling nearly $1.9 million in illicit loans to dozens of people, including himself, Mr. Hernandez, and two other people swept up in the corruption arrests: Angela Spaccia, a former assistant city manager, and Luis Artiga, a councilman.
He was arrested in September, along with nearly all of the city's top officials, charged with using the city's coffers as their own, giving themselves top salaries and illicit low-interest loans.
In the Belnick case, Schwartz delivered the opening argument, in which she stated that Belnick, lured by illicit bonuses, improper loans and promises of even more, "abandoned everything his training and education had taught him".
He rose in the ranks of a Lucchese family that was governed at the time by Gaitano, or Tommy, Lucchese, whose illicit businesses from gambling and loan-sharking to truck hijacking and labor racketeering were centered in the Bronx.
Once this value has been determined, a stolen painting can then be offered as collateral to help secure a loan to finance illicit endeavours.
He said the competitors benefited unfairly from China's currency controls, which prevent the yuan from rising in value against the dollar to reflect China's trade surplus, as well as illicit government subsidies and soft bank loans prohibited under World Trade Organization and United States rules.
Swartz and former Tyco Chairman and Chief Executive L. Dennis Kozlowski L. Dennis Kozlowski are accused of looting the megaconglomerate of $600 million, via unauthorized loans and bonuses and illicit stock sales.
In a speech at the Beijing Institute of Technology a few weeks before his arrest, Mr Sun complained that the system forced many private businesses to take either what he called the "red road" (red denoting the mandarinate since the time of the Qing dynasty) of bribing officials for loans and other benefits, or the illicit "black road" of producing fake or shoddy goods.
Fraud for profit, however, often involves multiple loans and elaborate schemes perpetrated to gain illicit proceeds from property sales.
