The Newark, New Jersey’s U.S. Attorney’s Office and the IRS utilized reports filed under the BSA to help build the largest Medicaid fraud case in the nation to date. This multi-agency investigation, also involving the FBI and the FDA, uncovered a New Jersey pharmacist who defrauded the Medicaid…
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A retail store owner, who operated an unlicensed hawala (a form of an informal value transfer system), was sentenced to multiple months in prison and several years’ probation. The defendant pled guilty to failure to register as a money services business as required by FinCEN and to filing a…
In March 2002, as a result of a lead provided from a SAR, an investigation was initiated into an individual doing business as an unlicensed money remitter. The funds were being wired to a bank account in Jordan.
In October 2002, U.S. Customs agents executed a search warrant on three…
A SAR filing by a credit union in Rapid City, South Dakota was instrumental in uncovering a massive scheme by individuals to embezzle approximately $2.7 million from a South Dakota College. The investigation was conducted by IRS-CID, FBI, the Department of the Interior, and the Department of…
An investigation of a possible violation of the International Emergency Economic Powers Act was initiated following the filing of a SAR by a bank in New York. The SAR stated that an unnamed bank vice president in charge of the funds transfer program manipulated four payments to the Sudan…
Case one. A multi-agency investigation of several subjects engaged in a Ponzi scheme, in which 5,000 investors were defrauded of $67 million, was aided by the filing of a SAR by a financial institution in Hawaii. Proceeds of the scheme were deposited into numerous accounts at various business…
An investigation into the exportation of stolen merchandise exposed that the defendant was using a check kiting scheme to defraud local area banks resulting in losses exceeding $50,000. Subsequent to the defendant’s bond hearing, the defendant fled the jurisdiction and continued to engage in…
A multi-agency money laundering/marijuana trafficking investigation was initiated following the filing of a SAR by a bank in Tennessee. The SAR disclosed that an individual was depositing large amounts of U.S. currency into three bank accounts. The deposits ranged from $5,000 to $25,000 with the…
A Pennsylvania man was sentenced to 15 months in prison followed by 3 years probation for structuring bank transactions to prevent the IRS from learning about profits earned from his role in sports card theft. The man owned a company involved in the sale of sports cards and was found to be…
In a Florida case, a SAR filing led to the identification of additional fraud perpetrated by a subject already under investigation by special agents within the U.S. Secret Service’s (USSS) Tampa Field Office. From December 1996 through May 1997, investigators identified an individual who…