A proactive review of BSA filings from several financial institutions led law enforcement to investigate the operator of a charitable organization who had structured over $1 million. The defendant pleaded guilty to structuring and the filing of a false tax return, and was sentenced to a prison…
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A used auto dealer pleaded guilty to laundering $35,000 in currency from an undercover source acting on behalf of Federal agents. The investigation, initiated by a SAR, led to the arrest of the subject.
A SAR showed excessive cash activity in the account for the used car dealer, with the…
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…
Federal law enforcement and regulatory agencies conducted a securities fraud investigation where defrauded investors lost at least $32 million. Investors believed they were investing in coal mines and a huge and highly secretive gold transaction. Three individuals were convicted of running the…
The U.S. Court of Appeals for the Sixth Circuit affirmed the conviction of David Middleton for attempting to evade or defeat income tax in violation of 26 U.S.C. 7201. The case arose from a SAR filed by a bank employee. Middleton was a real estate agent who formed several companies through which…
In a case initiated based on the filing of a SAR, a former high-ranking officer of an insurance firm, who was charged in a multiple-count federal indictment including counts of embezzling insurance premiums, falsifying records and filing false tax returns, has been sentenced to almost two years…
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…
A Suspicious Activity Report facilitated the investigation of a large bank failure that received national attention due to its size and the related criminal actions. The subject of the investigation, a former loan officer with a bank, initiated a series of nominee loans. He funneled the proceeds…
A U.S. military officer used his official position to steal currency designated for war use, transferred the funds to the United States, and then spent that money on personal items. When the defendant conducted transactions with the stolen currency at financial institutions, those transactions…
A case initiated through a SAR review team identified a money remitter structuring transactions through multiple banks and accounts. Although registered withFinCEN, he did not properly license his business with state authorities. The banks initially became suspicious when he used his personal…