The defendants in this case first settled a civil suit with the government concerning the sale of $7 million worth of fraudulent “prime-bank” note investments to investors nationwide. In the scheme, investigators found that less than half the money was used to pay fictitious investment returns…
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BSA records helped identify co-conspirators, accounts, and elements of a mortgage fraud scheme that may total as much as $7 million dollars in losses. SAR filings described transactions related to the fraud in both personal and business accounts belonging to the defendant in the case, and CTRs…
In a case that started from a proactive review of Suspicious Activity Reports, a specialized mortgage fraud task force launched an investigation that led to charges against two individuals. Bank Secrecy Act records captured many of the scheme’s intricate details, including a SAR filed on one of…
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…
A Federal judge sentenced a chiropractor to 8 months’ imprisonment and fined the defendant $30,000 for structuring a series of transactions. In addition, during the course of the investigation, evidence surfaced that the defendant may have committed medical fraud and may have obtained a medical…
In a case started from SARs, investigators executing a search warrant found $1.8 million of unreported income stashed in a closet. Although the defendants legally earned the funds, they established a system to convert business revenues to cash with the explicit purpose of evading taxes. SARs…
An investigation by Federal law enforcement agencies led to the conviction of a mortgage broker who pleaded guilty to structuring more than $600,000 into multiple accounts at various financial institutions. The defendant admitted to officials that he did so to avoid CTR filing requirements.
…In an innovative use of money laundering statutes, a State successfully prosecuted a defendant for violations of the Federal Bank Secrecy Act. The State’s money laundering statute includes criminal penalties for anyone attempting to avoid BSA reporting requirements and prosecutors were able to…
Prosecutors used information directly derived from BSA records to help convict a repeat drug trafficker in Federal court. The wealth accumulated by the defendant through illicit drug sales became evident by the filing of numerous CTRs by casinos, a Form 8300 filed in conjunction with the…
Case summary: Two individuals, who frequented a tribal casino, operated a local escort service and conducted a prostitution business at the casino. Defendant A was often in the company of young females who would meet and then leave with males from the casino for short periods. Upon return to…