Two SARs filed by a central Florida bank resulted in the initiation of a money laundering investigation of a fraudulent securities dealer operating a prime bank fraud scheme. The SARs reported unusual account activity and international wire transfers in the tens of millions of dollars. The case…
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Case Examples
An investigation of a possible violation of the International Emergency Economic Powers Act was initiated following the filing of a SAR by a bank in New York. The SAR stated that an unnamed bank vice president in charge of the funds transfer program manipulated four payments to the Sudan totaling $…
Case Examples
A federal judge has ordered more than 24 years of prison time for a former loan officer who was found guilty on all eight counts of an indictment charging conspiracy, bank fraud, wire fraud, and money laundering. Several financial institutions identified unusual transactions related to the…
Case Examples
BSA records helped identify co-conspirators, accounts, and elements of a mortgage fraud scheme that may total as much as $7 million dollars in losses. SAR filings described transactions related to the fraud in both personal and business accounts belonging to the defendant in the case, and CTRs…
Case Examples
Jewelry Store Owner Fails to Report Large Cash Transaction,Structures Proceeds from Drug Trafficking
Case summary: A jewelry store owner who was previously convicted of laundering funds for drug dealers was caught again accepting currency from drug traffickers in exchange for jewelry. In a sting operation, the defendant accepted approximately $30,000 in cash from an undercover IRS agent in…
Case Examples
In 2003, four individuals, previously convicted of charges related to a multi-million dollar real estate scheme, were ordered to pay over $1 million in restitution to reimburse victims of their crimes. According to court documents, a real estate investor and an attorney arranged for the proceeds of…
Case Examples
SARs provided helpful information to investigators in making a case against an auto dealer and several associates involved in a drug trafficking and money laundering organization. During a 5-month investigation, Federal agents uncovered a scheme that involved cash purchases at the dealership of…
Case Examples
A used auto dealer pleaded guilty to laundering $35,000 in currency from an undercover source acting on behalf of Federal agents. The investigation, initiated by a SAR, led to the arrest of the subject. A SAR showed excessive cash activity in the account for the used car dealer, with the filer…
Case Examples
An attorney was sentenced to more than four years probation based on a conviction for mail fraud and structuring of currency transactions. The attorney was also ordered to pay nearly $3 million in restitution to the victims of the various schemes and ordered to cooperate with the InternalRevenue…
Case Examples
In January 1999, the Financial Crimes Division (FCD) of the Texas Office of Attorney General (OAG), initiated an investigation into money laundering allegations based on information received from a Suspicious Activity Report (SAR) filed by a Texas bank. This investigation centered on the operation…