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12 Charged in $50 Million Scam Involving Fake Currency Transaction Reports

By Matt Squire

A Miami check casher and 12 individuals were charged Friday for their involvement in a $50 million check cashing scheme that involved the filing of false currency transaction reports (CTRs), federal prosecutors said. La Bamba, the check casher, and the individuals helped local businesses cash checks anonymously by processing them through shell companies, prosecutors said Friday in a statement. The defendants are being charged with conspiracy and causing or attempting to cause the filing of materially false CTRs. The defendants recruited local construction companies to cash checks made out to the shell companies owned by the defendants, according to four...

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