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Individual Sentenced for Operating an Unlicensed Money Transmitting Business & Bankruptcy Fraud

An individual was recently sentenced in United States District Court to six months in prison for operating an unlicensed money transmitter business and for bankruptcy fraud. The subject was also ordered to forfeit over $25,000. This case was initiated after the review of numerous Suspicious Activity Reports filed by several banks that reported the target was making cash deposits inconsistent with the individual’s occupation as a minimum wage employee. Various investigative techniques, including the analysis of Currency Transaction Report and Suspicious Activity Report filings and the execution of several search warrants, ultimately led to the target’s conviction.

According to court records filed, the target made numerous cash and check deposits to several accounts and subsequently wired these funds to several foreign countries in Asia, Europe, South America, and the Middle East. During a 4˝-year period, the target wired over $3 million out of the country.

Agencies participating in this investigation include the Internal Revenue Service Criminal Investigation and the Federal Bureau of Investigation.

(Source: Internal Revenue Service Criminal Investigation)

[Published in The SAR Activity Review – Trends, Tips & Issues, Issue 7, August 2004]