Florida man charged with money laundering in McHenry County

WOODSTOCK — A statewide grand jury has indicted a Florida man on money laundering charges in McHenry County.

Michael A. Persaud, 43, of Ft. Lauderdale, Florida, was formally charged by way of indictment in March on three counts of money laundering, a Class 1 felony and one count of transmitting money without a license, a Class 3 felony.

A warrant was issued for Persaud's arrest after the indictment was filed and he appeared in rights court May 12 before Judge Robert Wilbrandt.

Persaud allegedly committed those crimes in April 2013 in Cook and McHenry County, according to court documents. McHenry County was deemed the proper place for trial.

If convicted, Persaud faces four to 15 years in prison on the most serious charge.

Money laundering is any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have been originated from legitimate sources.

Persaud allegedly knew the funds, exceeding $100,000, were "criminally derived proceeds of the sale of illegal drugs" according to the indictment.

He is currently being held in the McHenry County Correctional Facility on $50,000 bond. The 43-year-old will appear in court May 23 before Judge Michael Feetterer.

John Cooney, Persaud's attorney, declined to comment on the case.