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They Get It All
What happens when the government agents uncover money laundering? They wind up with everything.
In New York City an automobile dealership was selling cars to drug dealers and knowingly accepting drug profits in cash as payment for the automobiles. They were also concealing the identities of the purchasers of the vehicles.
But the cash deposits of the automobile dealership did not go unnoticed at the bank, which filled out the CTRs. On checking, investigators found no Form 8300s being filed by the dealer for the cash purchase of the cars.
Undercover agents went in posing as narcotics dealers looking to buy cars with currency, speaking openly of narcotics trafficking as the source of their cash.
As a result of the operation (code-named Operation Drug-Wheels) 15 individuals were charged with money laundering, and 42 new cars valued at $615,700 were confiscated by the government. There was $400,000 in bank accounts and fines also paid to the government.
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 5, 9/92
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