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June 2016

Proactive Suspicious Activity Report Review Leads to Indictments in “Cash Back” Mortgage Fraud Scheme

PDF Download : Issue 21-story1.pdf

 

In a case started from a review of SARs, a specialized mortgage fraud task force launched an investigation that led to charges against two individuals. In addition to the SAR that initiated the case, another SAR described how the defendant became “very upset” when he learned that a Currency Transaction Report (CTR) would be filed because of a series of transactions. In all, FinCEN records captured many of the scheme’s intricate details.

Casino Currency Transaction Reports Help Track Funds Embezzled from a Public Utility

PDF Download : Issue 19-story3.pdf

 

A man with a compulsive gambling addiction embezzled millions of dollars from a public utility and lived the life of a “high roller” for several years before being caught. The defendant established several shell corporations to bilk a county for water well capacity rights.

Proactive SAR Review Leads to Guilty Pleas in Structuring, Bank Fraud Case

PDF Download : Issue 21-story5.pdf

 

A proactive SAR review task force identified a record that described structuring in an account of an individual who was subsequently found to not be involved in the suspected criminal activity. The investigators began focusing on the subject who caused the structured transaction noted in the SAR. Investigators executed a search warrant within a few months of the time the financial institution filed the record, and were able to obtain a confession shortly thereafter.