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Case Examples
A proactive review of BSA filings from several financial institutions led law enforcement to investigate the operator of a charitable organization who had structured over $1 million. The defendant pleaded guilty to structuring and the filing of a false tax return, and was sentenced to a prison term…
Case Examples
A used auto dealer pleaded guilty to laundering $35,000 in currency from an undercover source acting on behalf of Federal agents. The investigation, initiated by a SAR, led to the arrest of the subject. A SAR showed excessive cash activity in the account for the used car dealer, with the filer…
Case Examples
In an innovative use of money laundering statutes, a State successfully prosecuted a defendant for violations of the Federal Bank Secrecy Act. The State’s money laundering statute includes criminal penalties for anyone attempting to avoid BSA reporting requirements and prosecutors were able to…
Case Examples
Federal law enforcement and regulatory agencies conducted a securities fraud investigation where defrauded investors lost at least $32 million. Investors believed they were investing in coal mines and a huge and highly secretive gold transaction. Three individuals were convicted of running the…
Case Examples
In May 2003, two individuals pled guilty to first-degree money laundering charges. One defendant was sentenced to 12 years incarceration, and ordered to pay $500,000 to the Anti-Money Laundering Profiteering Fund. The second defendant was sentenced to 18 years incarceration. A month earlier, in a…
Case Examples
On February 15, 2000, an individual from New York pled guilty to three felony charges of money laundering, interstate transportation of stolen property, and credit card fraud. The defendant obtained access to fitness centers and country clubs across the country, stealing credit cards from gym…
Case Examples
The owner of a company that distributed various products to small independent convenience and grocery stores was sentenced to 188 months in prison after his conviction on drug, money laundering, and Title 31 charges. The company was distributing pallet-load quantities of psuedoephedrine to a broker…
Case Examples
A Suspicious Activity Report facilitated the investigation of a large bank failure that received national attention due to its size and the related criminal actions. The subject of the investigation, a former loan officer with a bank, initiated a series of nominee loans. He funneled the proceeds of…
Case Examples
A U.S. military officer used his official position to steal currency designated for war use, transferred the funds to the United States, and then spent that money on personal items. When the defendant conducted transactions with the stolen currency at financial institutions, those transactions…
Case Examples
A case initiated through a SAR review team identified a money remitter structuring transactions through multiple banks and accounts. Although registered withFinCEN, he did not properly license his business with state authorities. The banks initially became suspicious when he used his personal bank…