In a case initiated based on the filing of a Suspicious Activity Report, a former investment officer for a bank was sentenced to two years in prison and three years supervised release and was ordered to make restitution of almost half a million dollars. He pled guilty to embezzlement by a bank…
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In March 2002, the founder and former president of a small bank pled guilty to structuring financial transactions. The banker had earlier argued that he was merely trying to gain customers for the bank. The case involved the banker asking an individual if he and his father could deposit money at…
A suspect was sentenced to multiple months in prison and ordered to pay more than $1 million in back taxes owed on several million dollars in income that was never reported to the Internal Revenue Service. The income was earned from two related businesses that the suspect operated during a 4-…
A suspect used “convenience checks” issued by credit card companies to steal nearly $1 million, travel internationally, and purchase expensive items and real estate. The suspect engaged in a scheme for five years in which he created 20 fake identities and more than nine bogus business entities…
In January 1999, the Financial Crimes Division (FCD) of the Texas Office of Attorney General (OAG), initiated an investigation into money laundering allegations based on information received from a Suspicious Activity Report (SAR) filed by a Texas bank. This investigation centered on the…
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…
The filing of a number of Suspicious Activity Reports resulted in an investigation by the Federal Bureau of Investigation of three individuals for their part in the failure of a community bank that had been in business since the early 1900s. The individuals, one of whom was an officer at the…
In a case initiated based on the filing of a SAR, a former high-ranking officer of an insurance firm, who was charged in a multiple-count federal indictment including counts of embezzling insurance premiums, falsifying records and filing false tax returns, has been sentenced to almost two years…
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…
A defendant was sentenced to serve multiple months in prison followed by several years probation, after pleading guilty to narcotics trafficking charges and structuring financial transactions to evade the currency reporting requirements in connection with a marijuana growing operation. The…