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Case Examples
In a case initiated from a Suspicious Activity Report (SAR), investigators found perpetrators were operating two separate fraud schemes. The first scheme, a check-kiting fraud, was only possible because of the complicity provided by the chief defendant’s wife who worked at the bank where the fraud…
Case Examples
An attorney was sentenced to more than four years probation based on a conviction for mail fraud and structuring of currency transactions. The attorney was also ordered to pay nearly $3 million in restitution to the victims of the various schemes and ordered to cooperate with the InternalRevenue…
Case Examples
Information gleaned by an interagency investigation from SARs led to the successful prosecution of a man for operating an illegal money transmitting system. On April 30, 2002, a federal jury convicted the defendant for knowingly running an illegal money transmitting operation without a state…
Case Examples
SARs filed by banks on an officer of an Indiana financial services company led to the discovery and dismantling of a scam that defrauded investors out of an estimated $35-40 million. The SARs were filed after the banks detected the officer was structuring cash withdrawals to avoid Currency…
Case Examples
A suspect who owed the Internal Revenue Service more than $1 million was sentenced to more than five years in prison after pleading guilty to illegally structuring financial transactions and conspiring to defraud the United States Government.The defendant’s spouse also pleaded guilty to conspiracy…
Case Examples
Law enforcement initiated an investigation into a defendant for operating an unlicensed money transmitting business and assisting the business in the avoidance of Office of Foreign Asset Control (OFAC) sanctions on a designated country.The defendant was convicted of violating the International…
Case Examples
During a healthcare fraud investigation, a routine search of BSA records revealed CTRs and SARs on one of the subjects. These records opened up avenues of prosecution for money laundering charges as the SARs detailed a series of transactions designed to evade the BSA reporting requirements. Court…
Case Examples
Prosecutors used information directly derived from BSA records to help convict a repeat drug trafficker in Federal court. The wealth accumulated by the defendant through illicit drug sales became evident by the filing of numerous CTRs by casinos, a Form 8300 filed in conjunction with the purchase…
Case Examples
In 2006, a Federal grand jury indicted several businesses and individuals, including mortgage brokers, on numerous charges of mail fraud, bank fraud, conspiracy to commit mail, wire and bank fraud and contempt of court in a nationwide scheme that purported to eliminate the mortgages of thousands of…
Case Examples
In late 2006, a United States Attorney’s Office secured a guilty plea in a major racketeering case involving trash collectors and organized crime. The multi-state investigation included ten federal, state, and local agencies and resulted in a multiple-count indictment. Hundreds of BSA records…