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Case Examples
In order to satisfy fines and restitution ordered as a result of an earlier scheme, two defendants began a new multi-state advertising campaign scheme to attract buyers (mostly elderly) of non-existent certificates of deposits.As part of the scheme, one of defendants rented office space in one…
Case Examples
Information gleaned from a review of SARs filed by financial institutions identified two brothers who are under investigation for operating an illegal money remitter business. USCS agents have documented in excess of $12 million being wired to foreign locations, primarily Singapore and Indonesia,…
Case Examples
A SAR filed by a bank on a subject for orchestrating a series of structured transactions revealed that those transactions occurred while the subject was on probation for an earlier criminal offense. During proactive reviews of SARs, an analyst recognized the defendant’s name and forwarded the SARs…
Case Examples
SARs helped Federal investigators unravel a cross-country drug trafficking ring centered around a large urban university campus. The case featured shipments of marijuana and subsequent large currency deposits and withdrawals designed to avoid reporting requirements. Notably, a financial institution…
Case Examples
In early 2006, a U.S. Attorney’s Office secured guilty pleas from two businesses for evading Bank Secrecy Act (BSA) reporting requirements by structuring deposits. The presiding judge sentenced the businesses to unsupervised probation, and as part of the agreement, the businesses agreed to forfeit…
Case Examples
Indictments announced on July 8, 1999, in Manhattan, New York allege that a stock broker from Naples, Florida and other defendants bilked investors by lying to them, performing unauthorized trades, ignoring sell orders, engaging in forgery, and committing outright theft. Some investors, mostly…
Case Examples
In a case that started from a proactive review of SARs, an automobile dealership pleaded guilty to conducting transactions designed to avoid the filing of Currency Transaction Reports. Although the SAR only details activity that occurred in a period of twenty days, investigators found a pattern of…
Case Examples
In 2005, a financial investigator discovered a SAR filed two weeks earlier that referenced an investment group and a potential Ponzi scheme. The investigator contacted the bank and received supporting material related to the SAR. Because of the suspicious activity, the bank was preparing to close…
Case Examples
Arrests of more than two dozen people associated with an organized crime-controlled sports-betting ring was made possible, in part, because law enforcement officials were able to track some of the subjects’ suspicious financial transactions through review of BSA data. According to police, the ring…