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financial-crimes Archives

Paycheck Protection Program Investigations

By Robert G. Stahl Esq., NJ & NY Criminal Defense Lawyer posted in Fraud, Financial Crimes, Paycheck Protection Program, PPP on Monday, May 4, 2020

If you are a small business that was lucky enough to find a bank willing to accept and fund your small business Paycheck Protection Program (PPP) application, then a small portion of the $670 billion program went to an intended beneficiary. Unfortunately, many small businesses quickly learned larger banks were unwillingly to process their applications. News reports revealed banks received $10 billion in fees for the first traunch of funds dispersed, for which they received a set processing fee of 1-5% based on the size of the loan. A lawsuit filed in the U.S. District Court for the Central District of California against several major banks alleges they moved larger borrowers to the front of the line, ahead of many deserving smaller businesses in order to maximize on origination fees. Some corporations received tens of millions of dollars from the federal small business lending program, which initially ran out of money on April 16. Although the program has been funded once more, applicants are under much greater scrutiny. 

Tags: Fraud, Financial Crimes, Paycheck Protection Program, PPP

Increased Government Scrutiny of Digital Currency Transactions

By Robert G. Stahl Esq., NJ & NY Criminal Defense Lawyer posted in Bitcoin, Virtual Currency, Bank Secrecy Act, Financial Crimes, IRS, Internal Revenue Service, Anti-Money Laundering, Currency Financial Transactions, Cryptocurrency, Digital currency on Tuesday, October 29, 2019

As digital currencies have become more popular and commonplace, the government has stepped up its efforts to make sure that transactions and offerings do not run afoul of established regulations.

Tags: Bitcoin, Virtual Currency, Bank Secrecy Act, Financial Crimes, IRS, Internal Revenue Service, Anti-Money Laundering, Currency Financial Transactions, Cryptocurrency, Digital currency

Customs and Border Patrol is Seizing Travelers' Cash

By Robert G. Stahl Esq., NJ & NY Criminal Defense Lawyer posted in Money Laundering, Customs and Border Patrol, Bank Secrecy Act, Financial Crimes on Monday, July 8, 2019

At airports throughout the United States, Customs and Border Patrol (CBP) officers are seizing travelers’ cash when coming into and leaving the country for failure to report the cash. Regular international travelers may be familiar with the Customs forms airlines hand out just prior to arrival in the United States. On the form you must declare goods purchased during your international travel, as well as any cash in excess of $10,000. Most people do not realize, however, that you must also declare any cash in excess of $10,000 before you leave the United States, as well.

Tags: Money Laundering, Customs and Border Patrol, Bank Secrecy Act, Financial Crimes

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