In May 2000, a federal jury convicted an individual from Norwood, Massachusetts, on two counts of money laundering believed to be the proceeds of narcotic sales. At the time of the offense, the individual worked at a Brockton, Massachusetts check cashing business. In May 1998, an undercover…
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The Federal Bureau of Investigation opened an investigation based upon information in SARs filed by banks indicating significant check kiting activity. The subjects operated a number of small businesses in the area. Over the course of approximately two years, the subjects conducted a check kite…
A federal credit union filed a SAR and helped initiate an investigation into a counterfeit check scheme that had similarities with Nigerian 419 fraud schemes. These frauds, designated as such because of the section of the Nigerian criminal code that prohibits them, often promise substantial…
Nine members of a drug trafficking organization were exposed and convicted largely through evidence collected from CTRs.
The defendant was known as the “money-man” of the drug trafficking organization because he was responsible for laundering the organization’s illegal proceeds from drug…
A suspect who owned a business that imported edible delicacies was sentenced to 15 months in federal prison for undervaluing the imported Asian delicacy in documentation provided to Immigration and Customs Enforcement.
The suspect pleaded guilty to structuring financial transactions to…
Through the review of a Suspicious Activity Report, the Federal Bureau of Investigation launched an investigation into an internal bank fraud that resulted in the conviction of the former president of the bank and his personal banking customer. In 2003, the two defendants were convicted at trial…
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…
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…