A man accused of managing an international theft ring involving more than $1 million has been indicted and faces charges including fraud and money laundering. Prosecutors allege that the defendant stole the identities of hundreds of people and used his stored-value card business to launder and…
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In May 2002, three (3) principals and the former treasurer of a group of metal trading companies were charged with conspiracy to commit bank fraud, mail fraud, and wire fraud in connection with a sophisticated international scheme to defraud banks worldwide of more than $600 million. The…
The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) has a case that involves multiple illegal activities taking place in a number of liquor stores. Violations include the sale of stolen firearms by a non-licensee, money laundering, contraband cigarette trafficking, violations of state…
An FBI agent proactively reviewing SARs identified a potential fraud scheme. However, as he dug deeper into the scheme, he learned the perpetrators of the crimes were in fact victims of yet another fraud based on high-yield investments. This second scheme led to a series of international…
In a case initiated from a SAR review team, a Federal government accountant pleaded guilty to theft of public money and money laundering. The case began when an alert bank noticed several unusual transactions, including large cash payments to credit card accounts. Activity in one account at the…
In a case involving dozens of defendants who orchestrated the importation and distribution of methamphetamine, BSA records helped investigators trace the flow of drug proceeds. The records, including Form 8300s and CTRs helped identify the cash purchase of a high-end automobile, and the flow of…
Case summary: In a key decision, a defendant went to trial after pleading not guilty to two counts of structuring. Notably, in this case, prosecutors did not bring money laundering charges against the defendant because there was no indication that the structured currency resulted from any…
Agents with the Bureau of Alcohol, Tobacco, Firearms and Explosives conducted an investigation into the illegal sale of cigarettes that led to the indictment of 13 defendants. Cigarettes that were purchased in a low tax state were sold in a high tax state without the payment of taxes in either…
In March 2002, the FBI opened an investigation into the activities of a hawala dealer in the western United States. Limited initial information received from a citizen complaint prompted a query of the BSA database. The query yielded 30 SARs and 13 CTRs, which were instrumental in identifying…
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…