Knightdale Man Sentenced for Laundering Drug Money
Posted March 6, 2008 2:48 p.m. EST
Updated March 7, 2008 6:42 p.m. EST
Raleigh, N.C. — A Knightdale man was sentenced Thursday to almost 11 years in prison for money laundering, authorities said.
Roger Dale Ray, 36, was sentenced to 130 months in prison, and he agreed to forfeit 25 real estate properties in the Triangle and pay a $3 million judgment as part of his sentence.
Ray pleaded guilty last June to using several businesses and real estate transactions to launder $7 million to $20 million for cocaine dealers. Federal authorities said the scheme began as early as 1998 and lasted until 2006.
Authorities said he used false personal financial information to secure mortgages on about 40 properties in the area.
Ray's legal representatives pointed out Friday that no one lost money because of his actions, and that he did not knowingly launder funds derived from cocaine deals.