The filing of a number of Suspicious Activity Reports resulted in an investigation by the Federal Bureau of Investigation of three individuals for their part in the failure of a community bank that had been in business since the early 1900s. The individuals, one of whom was an officer at the…
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A U.S. Customs Service investigation in the Washington, D.C. area was initiated after a Virginia-based bank reported suspicious currency activity on a suspected money launderer. The information indicated possible structuring of financial transactions. The suspect had no visible means of support…
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…
A federal judge sentenced the defendant to a prison term after a jury found the defendant guilty of several counts of making false statements to a federally insured bank.
The defendant owned a construction firm. A federally insured bank granted the defendant a working capital line of…
A vehicle dealer created a scheme to hide payments for the purchases of aircraft by suspected drug traffickers. The scheme involved using multiple bank branches for deposits, and the avoidance of filing any Form 8300s. However, the alert financial institution identified the suspect transactions…
An investigation by Federal law enforcement agencies led to the conviction of a mortgage broker who pleaded guilty to structuring more than $600,000 into multiple accounts at various financial institutions. The defendant admitted to officials that he did so to avoid CTR filing requirements.
…Investigators looking at a drug trafficking organization were helped by Suspicious Activity Reports (SARs) that a bank filed on an individual who laundered the illicit proceeds. Prosecutors charged that individual with hiding more than $800,000 belonging to an accused drug dealer involved in a…
A Drug Enforcement Administration (DEA) investigation into a local cocaine and marijuana trafficker involved more than one cooperating source who knew of the trafficker but had no biographical data. A SAR was located that identified the trafficker, provided biographical data and notations that…
A defendant was sentenced to serve multiple months in prison followed by several years probation, after pleading guilty to narcotics trafficking charges and structuring financial transactions to evade the currency reporting requirements in connection with a marijuana growing operation. The…
An FBI investigation was initiated upon the receipt of a SAR from a bank in New York that identified deposits being structured to avoid the filing of CTRs. This case was worked jointly with the FBI, New York City Department of Investigation, IRS, and U.S. Customs Service. Over 80 SARs were filed…