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On June 25, 1999, a doctor from southern California, was ordered to pay $250,000 in fines and was sentenced to five years’ probation after his conviction in Los Angeles County Superior Court on three money laundering charges. The doctor is awaiting trial on securities and insurance fraud charges.…

In a case initiated from a proactive review of SARs, an individual pled guilty to fraud when authorities discovered a scheme to defraud individuals and businesses out of millions of dollars. The SARs which triggered the investigation described in detail transactions related to the fraud. In…

Information generated from cooperating individuals during Operations Cornerstone, a major narcotics trafficking investigation in the Miami area, revealed narco-traffickers placed their drug proceeds into investments in the insurance industry. Policies were identified in various Channel Island…

One individual has pled guilty to multiple counts of money laundering, filing false tax returns, failing to file Reports of Foreign Bank and Financial Accounts (FinCEN Form TD F 90-22.) and illegally transferring funds to Iran. The plea agreement also requires forfeiture of over half a million…

A federal credit union filed a SAR and helped initiate an investigation into a counterfeit check scheme that had similarities with Nigerian 419 fraud schemes. These frauds, designated as such because of the section of the Nigerian criminal code that prohibits them, often promise substantial…

An investigation into a seemingly legitimate business uncovered what was in fact a vehicle for money laundering, smuggling and other crimes. BSA information assisted a federal agent in identifying monthly cash deposits of nearly $2 million into business accounts and wire transfers of millions of…

In 2006, the United States Attorney for the Northern District of Georgia announced “Operation Rainmaker,” a major, multi-national federal drug and money laundering investigation initiated by ICE-Atlanta that culminated with 24 arrests in the United States and Colombia. The investigation discovered…

In 2005, a U.S. Attorney announced the indictment of three individuals operating an under-the-table payroll scheme. Under the scheme, defendants allegedly paid hundreds of temporary employees tens of millions of dollars in unreported cash payroll over a ten-year period. The case, initiated and…

A married couple structured millions of dollars through their retail cigarette business using multiple financial institutions and branches. The defendants’ businesses were dependent upon individuals purchasing the cigarettes for illicit tax-free sales in other states. To avoid scrutiny, the…

BSA records often play a crucial role in federal investigations of medical fraud. The records are often instrumental in seizing assets and shutting down businesses that may be perpetrating the fraud. Some of the businesses may exist on paper only, and prosecution of the perpetrators is often…