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Case Examples
Operation Cheque Mate was initiated in June 2002, after an Immigration and Customs Enforcement source provided information about a United Kingdom-based organization defrauding United States futures and securities firms. This source led to the discovery of many Suspicious Activity Reports which…
Case Examples
A New Hampshire bank filed a SAR on a group of individuals who were cashing numerous checks from a local salvage company for amounts under $10,000. Based on this SAR, an investigation was initiated by IRS-CI. During the course of the investigation, it was discovered that the men cashing the checks…
Case Examples
In 2005, a federal judge sentenced an individual to two years in prison for structuring monetary transactions to avoid reporting requirements. The case started when a financial institution documented unusual financial activity on a series of SARs and notified the Internal Revenue Service, which…
Case Examples
In a case where political corruption led to bid rigging of public housing contracts in order to defraud the government, BSA records proved instrumental in understanding the scheme. In this case, perpetrators repeatedly structured financial transactions in order to hide business relationships and…
Case Examples
A federal investigator characterized BSA data as extremely important in determining how the defendant in a multi-million dollar fraud case spent the proceeds. FinCEN researchers recovered almost 400 Casino CTRs related to the defendant dating back more than 10 years. Although some of the casino…
Case Examples
In early 2012, FinCEN conducted outreach to all of its state and local law enforcement partners, and asked for cases where FinCEN data played a useful role in their investigations. Below, in their own words, is an example of how FinCEN's stakeholders use FinCEN data. It has been edited only for…
Case Examples
In late 2005, two individuals pleaded guilty to running a scheme to defraud hundreds of investors out of millions of dollars through phony pre-initial public offering stock sales. The pair claimed they worked for a venture capital firm that was underwriting a public stock offering for a company. In…
Case Examples
The owner of a service company was sentenced to three years in prison and two years supervised release following a guilty plea to structuring financial transactions to evade reporting requirements. An officer of the company pleaded guilty to filing a false tax return and was sentenced to 18 months…
Case Examples
ICE agents and analysts in a state in the Southwest developed information from a SAR that an out-of-state business was structuring deposits of large sums of cash and was operating as an unlicensed MSB. During a two-month period, this business made outgoing wire transfers totaling approximately $1.2…
Case Examples
A subject was sentenced in United States District Court to serve the longest prison term possible under Federal sentencing guidelines for claiming he was earning huge profits on a stock trading formula where he was actually using investors’ money to buy homes and luxury items. The subject was also…