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…
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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…
The submission of a SAR filing led to the uncovering of a $28 million investment fraud scheme in which approximately 140 individuals were victimized. The subject convinced the victims/investors that he was a successful businessman who operated many highly profitable business ventures. The…
A U.S. Customs Service investigation in the Washington, D.C. area was initiated after a Virginia-based bank reported suspicious currency activity on a suspected money launderer. The information indicated possible structuring of financial transactions. The suspect had no visible means of support…
Between November 2000 and January 2001, SARs were filed by two (2) banks indicating accounts controlled by Victor Alberto Venero-Garrido had received large and suspicious deposits totaling over $22 million. Following the filing of the SARs, a money laundering investigation was initiated. The…
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…
An FBI investigation was initiated upon the receipt of a SAR from a bank in New York that identified deposits being structured to avoid the filing of CTRs. This case was worked jointly with the FBI, New York City Department of Investigation, IRS, and U.S. Customs Service. Over 80 SARs were filed…
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…
Two SARs filed by a central Florida bank resulted in the initiation of a money laundering investigation of a fraudulent securities dealer operating a prime bank fraud scheme. The SARs reported unusual account activity and international wire transfers in the tens of millions of dollars. The case…