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#1620420 - 10/26/11 06:38 PM SAR filing--Dollar Amount ??
mlkl8 Offline
Junior Member
Joined: Sep 2007
Posts: 47
Here is scenario:
Customer receives a $50k commercial LOC, based on a brokerage statement that shows a balance of $60k.
Two months later, customer says he received an inheritance, sends over new brokerage statements, showing a balance of $16 million dollars.
Lender increases LOC to $4 million.
Customer draws on LOC, up to $500k.
Lender receives statement from brokerage company couple days later, showing balance of $60k. Does some digging, finds out customer falsified brokerage records. Customer's supposed broker at company does not exist.
Called the Note, rec'd wire to pay off the $500k.
My question is, what amount would you reference in the SAR? I can go into detail in the narrative of course, but as far as the amount, would you use the $16 mil (the amount he altered on the stmt)? Or would I use the $500k (amount he actually drew on LOC)? Or the $4 mil (the amount of the LOC)?

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#1621915 - 10/30/11 12:29 AM Re: SAR filing--Dollar Amount ?? mlkl8
MagicCity Offline

Power Poster
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
I would use the 500k and let the narrative tell the story.

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#1621974 - 10/31/11 01:20 PM Re: SAR filing--Dollar Amount ?? MagicCity
BC78a Offline
Gold Star
Joined: May 2006
Posts: 311
New York
I am sure people will disagree with me - I would call this a loan fraud and use the amount of the LOC ($4mil)
Just my opinion for what it is worth

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#1622377 - 10/31/11 08:14 PM Re: SAR filing--Dollar Amount ?? BC78a
DebL Offline
Gold Star
Joined: Jan 2007
Posts: 314
Ditto BC78a. The falsified documents were used to obtain a $4 million LOC, so that's what I'd list as the SAR amount. You can describe how much was drawn and repaid in the narrative.
Of all the things I've lost, I miss my mind the most.

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