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A Suspicious Activity Report review team identified SARs filed by three different financial institutions within several months on the same subject, describing similar transactions involving structuring and the wire transfer of funds to an Eastern European country (Country A).
According to…
In a case started by a Suspicious Activity Report review team, investigators charged a restaurant owner with structuring bank deposits. The subject had been known to law enforcement for some time, and local authorities suspected him of participating in illegal activity. The resulting…
In 2005, a federal task force initiated a 2-year multi-agency investigation against an online pharmaceutical distribution network, resulting in indictments against 18 individuals. The investigation was based on information received from a cooperating witness, who alleged that a pharmaceutical…
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…
In a case that is part of a large-scale investigation into organized retail theft (ORT) rings, a federal jury convicted an individual of multiple counts related to laundering the proceeds from the criminal activity. Investigators found Suspicious Activity Reports filed on the defendant very…
Investigators looking into a large-scale international marijuana smuggling and money laundering operation received a break when two banks filed SARs on the targets. One bank filed SARs on structured deposits into a business account that held proceeds of the illegal operation. A second bank filed…
Federal law enforcement agencies conducting a tax refund fraud investigation uncovered at least $13.1 million in fraudulently obtained federal and state tax refunds. The lead investigator in the case said the investigation began when a bank reported anomalous automated clearing house (ACH)…
An investigation into hedge fund fraud that was initiated from a SAR resulted in guilty pleas, forfeiture, and in the case of the ringleader, a lengthy prison sentence. The prosecution began several years ago when a federal grand jury charged four men in connection with the fraud. All of the…
Six defendants pled guilty and received prison time for defrauding investors in a case that started when a securities firm noticed suspect transactions and reported the activity to law enforcement. The defendants created a bogus investment scheme, marketed it over the Internet, and defrauded…
A purported entrepreneur convinced scores of individuals to invest in ventures and businesses supposedly related to the extraction of natural resources that were, in reality, part of a sophisticated Ponzi scheme. The defendant followed a familiar pattern evident in such schemes: paying earlier…
