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Court Ruling on CTR Forfeiture Could Spur Similar Seizures
By Brian Monroe
printA federal court decision allowing the seizure of $12 million from an under-the-table check casher may set a precedent in future asset forfeitures tied to currency transaction report violations, say consultants. Judges in the Second Circuit Court of Appeals in New York said earlier this month that the United States could seize funds from Joseph "Joey Checks" Castello, a Greenwich, CT man accused of running a check cashing business out of the trunk of his car for nearly 10 years. A New York court convicted Castello in September 2007 for criminally failing to file currency transaction reports (CTRs) but acquitted...
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