An individual walked into a Pennsylvania bank and opened one individual account and two business accounts. The individual then walked across the street to a different bank and opened three additional accounts. Unbeknownst to the individual, these two banks were in the process of merging and his…
Members of the media may email inquiries or interview requests to press@fincen.gov.
If you are not a member of the media, please visit the FinCEN contact page.
In September 2003, an Iraqi national was sentenced in federal court after pleading guilty in June 2003 to one count of 18 USC 1956 (h): conspiracy to launder money with the underlying offense of 18 USC 1957 (engaging in monetary transactions in property derived from a Specified Unlawful Activity…
A New Hampshire bank filed a SAR on a group of individuals who were cashing numerous checks from a local salvage company for amounts under $10,000. Based on this SAR, an investigation was initiated by IRS-CI. During the course of the investigation, it was discovered that the men cashing the…
A former California deputy sheriff pled guilty to extortion and Title 31 charges. He was sentenced to serve 60 months in prison followed by 5 years probation, and ordered to pay $300,000 in restitution to one of the victims. His wife received three years probation for related charges. The…
A SAR filed by a bank revealed that an individual had deposited over $44,000 to and withdrawn over $31,000 from his account in a one-month period. Subpoenaed bank records revealed that this individual had deposited over $103,000 in a nine-month period from late 1999 to mid-2000. The individual…
ICE agents and analysts in a state in the Southwest developed information from a SAR that an out-of-state business was structuring deposits of large sums of cash and was operating as an unlicensed MSB. During a two-month period, this business made outgoing wire transfers totaling approximately $…
An Alaska motor home dealer was sentenced to 36 months in prison and 5 years probation after being found guilty of bank fraud and money laundering charges. The dealer was also ordered to pay restitution to the bank.
The motor home dealer obtained loans using trade-in motor homes as…
Numerous individuals involved in a major Ohio sports betting ring have pled guilty to tax and gambling related charges. The ring came to light after a bank filed a SAR on a well-known professional athlete. The SAR was filed after the athlete used a $25,000 personal check to purchase ten $2,500…
A bank filed a SAR reporting the deposit of U.S. Treasury checks to an account held by a deceased customer (a retired government employee) receiving monthly retirement benefits. The bank determined that its customer died in 1998. For two and one half years following the customer’s death, her…
A SAR filed by a financial institution in Pennsylvania led to a joint investigation by the IRS/Criminal Investigation, the U.S. Postal Inspection Service, and the FBI into a network of Brazilian nationals that used U.S. banks to launder the proceeds generated from stolen checks. Additional SARs…