Tweet Pamrapo Savings Bank, a subsidiary of Pamrapo Bancorp Inc., pleaded guilty in U.S. District Court in Trenton, New Jersey, to conspiracy to violate the Bank Secrecy Act for failing to file currency transaction reports and suspicious activity reports, and willfully failing to maintain adequate anti-money laundering programs. The failures to file reports were in […]
Tweet Three men were arrested and charged in connection with real estate fraud and money laundering in San Francisco for allegedly forging real estate deeds to three luxury condominium at One Rincon Hill worth about US$7.5 million to gain legal control of the condominiums to borrow US$2.2 million against the properties. Melvin Emerich, Kaushal Niroula and Jay […]
Tweet Wachovia Corp. has agreed to pay a US$160 million settlement with the Department of Justice in the U.S. over allegations that it failed to implement anti-money laundering controls that enabled drug traffickers to launder money by transferring funds from Mexican currency exchange houses, known as casas de cambio, to Wachovia. Prosecutors said the bank […]
Tweet A German national, Michael Olaf Schuett, residing in Florida, was arrested today in connection with operating an unlicensed money transmitting business that received and disbursed funds to Canadians and Americans on behalf of Internet gambling sites operating offshore. According to a criminal complaint filed on February 17, 2010 in the United States District Court, […]
Tweet Dirty money entering the U.S. from foreign nationals The Senate Committee on Homeland Security & Governmental Affairs released a special money laundering report today that describes four case studies of foreign politically exposed persons (“PEP“) who laundered money in the U.S. without detection. Two of the case histories have a Canadian connection. The 330-page report, […]
Tweet Ran Prostitution Service Disguised as Escort Service A Washington woman was sentenced today to two years in prison after pleading guilty to laundering the proceeds of crime derived from running an organized prostitution service disguised as an escort service at a tribal casino. Cheryl Larson pleaded guilty to prostitution, money laundering and possession of […]