cindy25
06-18-2014, 10:19 PM
it looks like the money was never deposited, just someone changing denominations. new level of insanity?
http://www.buffalonews.com/business/mt-bank-must-forfeit-560k-from-drug-money-transactions-20140618
M&T Bank must forfeit $560K from drug money transactions
ASSOCIATED PRESS
on June 18, 2014 - 3:26 PM
inShare
BALTIMORE — A federal judge in Baltimore is ordering M&T Bank Corp. to forfeit $560,000 in drug money laundered through a branch in Perry Hall.
U.S. Attorney Rod Rosenstein announced the forfeiture Wednesday.
U.S. District Judge James Bredar found that the bank failed to file reports on at least eight currency transactions in which a teller converted proceeds from illegal drug sales from small denomination bills into $100 bills.
Former head teller Sabrina Fitts was sentenced to a month in prison for failing to file currency transaction reports on suspected drug proceeds. Fitts also must forfeit $5,000 she was paid by customer Deanna Bailey to do the conversions.
Bailey was sentenced to 46 months in prison for money laundering conspiracy. She also must forfeit $500,000.
“Through the cooperation we provided to law enforcement during an investigation into the illegal activities perpetrated by a former employee, we have assisted the U.S. Attorney’s Office with this prosecution and recovery,” M&T said in a statement. “This case shows how banks work closely with law enforcement to prevent and detect money-laundering.”
M&T has been working to upgrade its anti-money laundering systems as it seeks approval of a planned acquisition of Hudson City Bancorp.
http://www.buffalonews.com/business/mt-bank-must-forfeit-560k-from-drug-money-transactions-20140618
M&T Bank must forfeit $560K from drug money transactions
ASSOCIATED PRESS
on June 18, 2014 - 3:26 PM
inShare
BALTIMORE — A federal judge in Baltimore is ordering M&T Bank Corp. to forfeit $560,000 in drug money laundered through a branch in Perry Hall.
U.S. Attorney Rod Rosenstein announced the forfeiture Wednesday.
U.S. District Judge James Bredar found that the bank failed to file reports on at least eight currency transactions in which a teller converted proceeds from illegal drug sales from small denomination bills into $100 bills.
Former head teller Sabrina Fitts was sentenced to a month in prison for failing to file currency transaction reports on suspected drug proceeds. Fitts also must forfeit $5,000 she was paid by customer Deanna Bailey to do the conversions.
Bailey was sentenced to 46 months in prison for money laundering conspiracy. She also must forfeit $500,000.
“Through the cooperation we provided to law enforcement during an investigation into the illegal activities perpetrated by a former employee, we have assisted the U.S. Attorney’s Office with this prosecution and recovery,” M&T said in a statement. “This case shows how banks work closely with law enforcement to prevent and detect money-laundering.”
M&T has been working to upgrade its anti-money laundering systems as it seeks approval of a planned acquisition of Hudson City Bancorp.