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Money Laundering

This archive displays posts tagged as relevant to money laundering. You may also be interested in the following pages:

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May 20, 2022

Wells Fargo Advisors, which is a registered broker-dealer and investment advisor, agreed to pay $7 million to resolve allegations that it had an inadequate anti-money laundering system.  As a result, the SEC alleged, Wells Fargo did not file timely suspicious activity reports including with respect to foreign wire transfers to or from its customers’ brokerage accounts.  SEC

May 5, 2022

Robert Narvett will spend 15 years in prison for wire fraud and money laundering. Narvett, of Appleton, WI, defrauded nearly 70 different victims of over $2 million, in the end ruining credit scores, rendering victims unable to afford basic life necessities, and having to return to the workforce after retiring. USAO EDWI

April 19, 2022

John Rick Winer, 68, will spend 262 months in federal prison and pay $11 million in restitution for conspiring to defraud investors via a scheme spanning several US states. Winer, with his co-conspirators, solicited millions from donors for nonexistent charitable or humanitarian projects, and then laundered the proceeds. The conspirators utilized numerous fake entities, including one “House of Winer” to further the fraud. Winer is required to forfeit a residence in Norway, a luxury vehicle, approximately $4 million in silver coins, and a laptop. Upon completion of his prison term, Winer will spend 3 years under supervised release. USAO SD

March 24, 2022

A New York woman who defrauded the state out of millions of dollars has been sentenced to 3 to 9 years in prison and ordered to pay more than $4 million in restitution.  According to the Attorney General’s Office, Leslie Montgomery lured low-income New Yorkers to Health Living Community Center under the guise of helping them find housing, then used their information to submit false claims to a Medicaid-funded managed care organization.  The claims for custom-molded back braces were medically unnecessary and not requested by or provided to the intended recipients.  Montgomery then hid the illegal proceeds through multiple shell companies, including LCM Livery P/U, Inc.  NY AG

March 17, 2022

USAA Federal Savings Bank will pay $140 million in penalties and admit that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the requirements of the Bank Secrecy Act, and willfully failed to submit timely and accurate suspicious activity reports.  FinCEN imposed a $140 million penalty, and the bank will receive credit for its payment of a $60 million penalty imposed by the Office of the Comptroller of the Currency (OCC) for related violations. FinCEN; OCC

February 24, 2022

The National Bank of Pakistan and its New York branch will pay a total of $55.4 million to resolve investigations by the New York State Department of Financial Services and the Federal Reserve Bank of New York into Bank Secrecy Act/Anti-Money Laundering compliance deficiencies.  The bank had previously entered into agreements with the government entities, acknowledging BSA/AML weaknesses and agreeing to undertake remedial measures.  However, the bank had failed to undertake adequate remedial  measures, as found in examinations by the government entities.  NY DFS; Fed

On NFTs, Treasury Comes Out Swinging

Posted  02/8/22
NFT and cash
The Treasury Department recently issued a Report on money laundering in the art markets.  To no one’s surprise, Treasury found the art market to be an “attractive” one for money launderers, given the “the high-dollar values,” “ease of transportability,” “long-standing culture of privacy,” and “increasing use of art as an investment or financial asset.”  When Congress mandated the report back in...

Top Ten Financial and Healthcare Fraud Prison Sentences of 2021

Posted  01/28/22
handcuff and money
Individuals involved in financial and healthcare fraud schemes face not just civil liability, but also criminal penalties – including prison time. In 2021, the Department of Justice obtained substantial prison sentences in a myriad of cases involving healthcare and financial frauds, many of which involved convictions of the type of fraudulent schemes that whistleblowers report. Whistleblowers play an essential role...

Top Ten Federal Financial Fraud Recoveries of 2021

Posted  01/21/22
Money with Gavel and Handcuffs
While 2021 may have felt like more of the same as the pandemic dragged on, it marked some new trends in federal financial fraud recoveries. As we predicted last year, the Anti-Money Laundering Act of 2020 has heralded some large recoveries against banks. The Act also established an Anti-Money Laundering Whistleblower Program, so that whistleblowers who report financial institutions engaging in money laundering –...

Top Ten SEC and CFTC Recoveries of 2021

Posted  01/7/22
Top Ten Sign with Letters
As we recently detailed, 2021 proved to be a blockbuster year for whistleblowers under the CFTC and SEC Whistleblower ProgramsSeven of the ten largest whistleblower awards of 2021 were made to SEC and CFTC whistleblowers, including a massive $200 million CFTC award that was roughly twice as large as all prior CFTC awards combined.  In total, the SEC paid more awards—both in total dollars and individual...
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