Placeholder Banner Image

Eddie Bynum, Sr. Pleads Guilty to Money Laundering

FOR IMMEDIATE RELEASE
November 05, 2013

Portland, Ore. — 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 Investigations 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.

Return to Top

USAO Homepage
USAO Briefing Room
Oficinas de los Fiscales de Estados Unidos En Español
What Makes Schools Safer? Using science to discover what works. Federal funding available. Visit NIJ.gov, keywords: 'comprehensive school safety intiative'
Project Safe Neighborhoods

Our nation-wide commitment to reducing gun crime in America.

Victim Witness Assistance

Making sure that victims of federal crimes are treated with compassion, fairness and respect.