Skip to content
GeoDataVision
Thread Options
#1270780 - 10/21/09 05:51 PM searching for an attachment to a previous post
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
i remember seeing a post with an attachment concerning a bank president being charged/arrested? for disclosing SAR information. i have been trying to find it with no success. if you remember the post please help me find this link!! cry

Return to Top
BSA/AML/CIP/OFAC Forum
#1270867 - 10/21/09 07:08 PM Re: searching for an attachment to a previous post nemsi
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
User "Retread" usually provides us with that type of news.
Do a search on his posts and you may find it.

Return to Top
#1270960 - 10/21/09 08:01 PM Re: searching for an attachment to a previous post nemsi
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Yes, Retread is both "The Keeper of the Gates of Wisdom" and our chief archivist. However, he comes to work early and goes home early.

I don't remember anything about a CEO being prosecuted for a SAR disclosure and think they would probably have to indict a bunch of law enforcement personnel before they would even get to a banker. Maybe this is what you were thinking of:

Former bank exec’s plead guilty
Gazette Staff Report, staff@fgazette.com 09-02-2009

A former bank president, vice-president and account holder, all residents of Farmerville, plead guilty on Wednesday to illegally structuring cash deposits in order to evade the requirement to file a Currency Transaction Report as required by federal law, according to a news release from the United States Attorney’s Office.

Former Farmerville First United Bank president Zeke Tettleton, 76, former First United Bank Vice President William Maxwell, 70, and bank account holder Franklin Hutson, 72, entered guilty pleas in federal court in Shreveport before U.S. District Judge S. Maurice Hicks.

“The reporting requirements for large cash transactions are necessary to preventour banking system from being conveniently used by criminals to launder money involved in all kinds of illegal activity such as drug trafficking, terrorist financing and fraud schemes,” U.S. attorney Donald Washington said. “Even though there is no evidence to suggest the money involved in this case is not from a legitimate source, it does not excuse these defendants from their obligation to comply with the federal reporting requirements. All banking customers, and most certainly all bank officers and employees, are expected to conduct their business in accordance with the law.

Federal law requires banks and other financial institutions to report large currency transactions to the United States Treasury Department’s Financial Crimes Enforcement Network. This reporting is done on a Currency Transaction Report, which is required for all cash transactions over $10,000. Federal law also prohibits individuals from causing a financial institution to fail to file such a report. The law specifically prohibits any individual from structuring a currency transaction in any manner designed to avoid the filing of the report.

According to the news release, testimony at Wednesday’s hearing established that Hutson brought $120,000 in cash to First United Bank in order to deposit it into his account. Rather than file the required Currency Transaction Report, Maxwell instructed a bank employee to place Hutson’s cash in the bank vault and make daily deposits of $10,000 over the next several days. The news releases states that the bank employee, realizing she was being asked to structure the deposits, advised Tettleton of the instructions she was given by Maxwell. Tettleton reportedly instructed her to do what she was told. The daily deposits were made and no Currency Transaction Reports were ever filed.
All three defendants face a maximum penalty of five years in prison, a $250,000 fine or both. Sentencing is set for Jan. 7.

The case was investigated by the Federal Bureau of Investigation and Monroe Resident Agency and was prosecuted by Assistant U.S. Attorney C. Mignonne Griffing.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#1271479 - 10/22/09 03:16 PM Re: searching for an attachment to a previous post Elwood P. Dowd
Retread Offline
Power Poster
Retread
Joined: Oct 2003
Posts: 2,548
Southeast
Maybe this is what you are looking for.

http://www.ice.gov/pi/nr/0910/091001sanjuan.htm
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

Return to Top
#1271540 - 10/22/09 03:48 PM Re: searching for an attachment to a previous post Retread
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
Thanks Retread. That's it. Of course it doesn't mention SAR but that's what my mind read. I probably read this in a compliance newsletter. I just assumed that i read it on Threads since that's my favorite source of info.

Return to Top
#1271552 - 10/22/09 03:56 PM Re: searching for an attachment to a previous post nemsi
Retread Offline
Power Poster
Retread
Joined: Oct 2003
Posts: 2,548
Southeast
It doesn't mention SAR, but Title 31 USC 5318 (g) (2) (A) (1) mentioned in the release pertains to SAR disclosure.
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.

Return to Top

Moderator:  Andy_Z