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A series of CTRs proved crucial in identifying bank accounts used to hide proceeds obtained through insurance fraud. The fraud involved a contractor who misrepresented the number of workers in his temporary employment service. Authorities used BSA data to identify assets belonging to perpetrators.…

In 2006, a Federal grand jury indicted several businesses and individuals, including mortgage brokers, on numerous charges of mail fraud, bank fraud, conspiracy to commit mail, wire and bank fraud and contempt of court in a nationwide scheme that purported to eliminate the mortgages of thousands of…

The United States Secret Service, New York Field Office, seized over $5.3 million from a correspondent account for a bank headquartered in Nigeria. Investigative leads derived from Bank Secrecy Act data determined that this account was actually owned by the Nigerian bank and operated by the bank’s…

In order to satisfy fines and restitution ordered as a result of an earlier scheme, two defendants began a new multi-state advertising campaign scheme to attract buyers (mostly elderly) of non-existent certificates of deposits.As part of the scheme, one of defendants rented office space in one…

Information gleaned from a review of SARs filed by financial institutions identified two brothers who are under investigation for operating an illegal money remitter business. USCS agents have documented in excess of $12 million being wired to foreign locations, primarily Singapore and Indonesia,…

A SAR filed by a bank on a subject for orchestrating a series of structured transactions revealed that those transactions occurred while the subject was on probation for an earlier criminal offense. During proactive reviews of SARs, an analyst recognized the defendant’s name and forwarded the SARs…

SARs helped Federal investigators unravel a cross-country drug trafficking ring centered around a large urban university campus. The case featured shipments of marijuana and subsequent large currency deposits and withdrawals designed to avoid reporting requirements. Notably, a financial institution…

In early 2006, a U.S. Attorney’s Office secured guilty pleas from two businesses for evading Bank Secrecy Act (BSA) reporting requirements by structuring deposits. The presiding judge sentenced the businesses to unsupervised probation, and as part of the agreement, the businesses agreed to forfeit…

Indictments announced on July 8, 1999, in Manhattan, New York allege that a stock broker from Naples, Florida and other defendants bilked investors by lying to them, performing unauthorized trades, ignoring sell orders, engaging in forgery, and committing outright theft. Some investors, mostly…