Aguilera conducted these transactions in exchange for thousands of dollars in cash payments from the criminal organization. IE 11 is not supported. By PYMNTS | June 3, 2022 | Wells Fargo and money transfer service Zelle are facing a class-action lawsuit on allegations of violating the Electronic Fund Transfer Act and California's. . Aguilera's use of these fictitious accounts was identified by Wells Fargo and brought to the attention of the FBI. An official website of the United States government. This case is being prosecuted by Assistant U.S. Attorney Blanca Quintero. In addition to the $7 million penalty, Wells Fargo Advisors, without admitting or denying the SECs findings, agreed to a censure and a cease and desist order. According to the plea agreement and other public records, Aguilera abused his position of trust as a personal banker with Wells Fargo Bank by opening bank accounts with false identities and wire transferring millions of dollars to Mexico. See here for a complete list of exchanges and delays. We've received your submission. 1-800-225-5935. Our Standards: The Thomson Reuters Trust Principles. Fax: (619) 546-0720 USD. Our Standards: The Thomson Reuters Trust Principles. Lock According to court documents, the money laundering organization recruited individuals to serve as funnel account holders to open personal bank accounts at Wells Fargo Bank and other U.S. banks. Wells Fargo Advisors agreed to pay $7 million to settle federal Securities and Exchange Commission (SEC) charges that the firm failed to report at least 34 suspicious transactions that could have . A .gov website belongs to an official government organization in the United States. 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Figueroa himself made multiple wire transfers from the funnel accounts knowing that the funds were from unlawful activity. REUTERS/Brendan McDermid. All quotes delayed a minimum of 15 minutes. ) or https:// means youve safely connected to the .gov website. Secure .gov websites use HTTPS The criminal organization laundered funds in excess of $12.5 million dollars before being disrupted by the FBI. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Investigators say that Mexican drug cartels have been involved in the sale of counterfeit NFL merchandise in flea markets and parking lots, a . 1956(h)). Share sensitive information only on official, secure websites. Official websites use .gov ", This week, Wells Fargo was the subject of a New York Times investigation that found it was conducting job interviews to satisfy diversity hiring quotas, even when the job had already been offered to another candidate. Telephone: (619) 557-5610 The money laundering organization recruited individuals to serve as funnel account holders and open personal bank accounts at Wells Fargo Bank and other banking institutions. Michigan. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Phone Number. Telephone: (619) 557-5610 2023 ALM Global, LLC, All Rights Reserved. The couriers made contact with individuals holding the bulk cash in private residences or public places such as parking lots and retail stores. "When SEC registrants like Wells Fargo Advisors fail to comply with AML obligations, they put the investing public at risk because they deprive regulators of timely information about possible money laundering, terrorist financing or other illegal money movements," Gurbir Grewal, director of the SEC's Division of Enforcement said in a statement. To report a crime please see the Action Center. I came here on Sat 11/18/17 to deposit a fairly good amount and I told the bank teller that I want to count my money to double check how . our Subscriber Agreement and by copyright law. (Reuters) - Wells Fargo & Company said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank took steps to remedy the problems. Share sensitive information only on official, secure websites. WSBTV. SAN DIEGO Leopoldo Lora-Aguilera, a former Wells Fargo personal banker, was sentenced in federal court today to 33 months in custody for money laundering conspiracy and bank fraud. All other uses, submit a request to If calling from the U.S., Canada or Mexico, dial 800-AT-WELLS (800-289-3557).If calling from a country that supports UIFN (Universal International Freephone Number), dial the international dialing code and then UIFN phone number, which is 800-AT-WELLS (800-289-3557). MIAMI (Reuters) - Wachovia Bank has agreed to pay $160 million to settle U.S. charges that it failed to stop more than $100 million of Colombian and Mexican drug traffickers' money being. Maximum Penalties: Thirty years in prison and $1 million fine, FBI San Diego Cross Border Violence Task Force, Assistant U. S. Attorney Blanca Quintero (619) 546-7118. Personal credit, debit, ATM, and prepaid cards, or checks. An official website of the United States government. Toll Free (800) 544-1106 SAN DIEGO Leopoldo Lara Aguilera, a former Wells Fargo personal banker, pleaded guilty in federal court today to money laundering conspiracy and bank fraud. A new report, outlined by Bloomberg, implicates three Banksters laundering money for the Mexican drug cartels. A lock ( The cash was typically concealed in shopping bags, duffel bags or shoeboxes. 87990cbe856818d5eddac44c7b1cdeb8, Continue reading your article witha WSJ subscription, Already a subscriber? Share sensitive information only on official, secure websites. As a result, it failed to timely file at least 25 suspicious activity reports, some as recently as October 2021, related to wire transfers to or from foreign countries deemed at risk of facilitating "money laundering, terrorist financing, or other illegal money movements," the SEC said. Wells Fargo Advisors also failed to file at least nine other suspicious activity reports starting in April 2017 after it allegedly failed to appropriately process wire transfer data, the SEC said. U.S. Attorney's Office, Southern District of California, Wells Fargo Bank Personal Banker Pleads Guilty to Money Laundering and Bank Fraud, Poway Man Hid Mothers Death for 30 Years, Stole More than $800,000 in Government Benefits Intended for Her, Jury Convicts Brothers Who Conducted Pump and Dump Scheme on Company that Sold Home COVID-19 Tests, Former Union President Admits Filing False Report to Hide Embezzlement; Agrees to Repay Union $36,000. SAN DIEGO Luis Fernando Figueroa, a former Wells Fargo personal banker, was arrested yesterday by FBI agents and made his initial court appearance today on charges of participating in an international money laundering conspiracy. *The charges and allegations contained in an indictment, information, or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty. DEFENDANT Case Number: 19-CR-1955-BAS, Leopoldo Lara Aguilera Age: 57 Tijuana, Mexico, Money Laundering Conspiracy Title 18, U.S.C., Sections 1956(h) and 1957 The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. "This matter refers to legacy issues that impacted a transaction monitoring system and the issues were resolved promptly upon discovery.". Lock Getty Images Banking giant HSBC has been fined 63.9m by the UK's financial regulator for "unacceptable failings" of its anti-money laundering systems. Figueroas arrest by the FBI in November 2018 was the last in a string of indictments and arrests tied to the international money laundering organization based in Tijuana, Mexico but operating primarily in San Diego. A .gov website belongs to an official government organization in the United States. Securities and Exchange Commission charged Wells Fargo Advisors with anti-money laundering violations. Official websites use .gov According to the plea agreement and other public records, Aguilera abused his position of trust as a personal banker with Wells Fargo Bank by opening bank accounts with false identities and wire transferring millions of dollars to Mexico. (AP Photo/Eduardo Verdugo) A Wells Fargo banker pleaded guilty to knowingly opening bank accounts for. 1-800-869-3557. Business credit, debit and ATM cards. In 2019, The Wall Street Journal wrote of Wells Fargo: "Nearly every one of its business lines is under investigation by a government agency, including the Justice Department and the Securities and Exchange Commission. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking, and money laundering organizations and enterprises. "Wells Fargo limiting customers cash withdrawls (sic) to $1,000 due to 'emergency conditions,'" says a June 8, 2023 tweet with thousands of interactions. Main Office: Fax: (619) 546-0720 Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. They are Wells Fargo, HBSC and Bank of America. San Diego, California 92101-8807, To report broken links or technical issues ONLY, email Webmaster. SAN DIEGO Donald Felix Zampach of Poway pleaded guilty in federal court today to money laundering and social security fraud, admitting that SAN DIEGO A federal jury has convicted brothers Joshua Yafa and Jamie Yafa, both Florida citizens, of participating in a securities fraud pump-and-dump scheme surrounding the publicly-traded stock of Felix Luciano, the former President of Local 2805 chapter of the American Federation of Government Employees and former Department of Homeland Security officer, pleaded guilty in federal court today, admitting Southern District of California Secure .gov websites use HTTPS 981(a)(1)(C), 18 U.S.C. [emailprotected] . Toll Free (800) 544-1106 Wells Fargo Advisors, the St. Louis-based broker-dealer, has agreed to pay $7 million to settle . SAN DIEGO Donald Felix Zampach of Poway pleaded guilty in federal court today to money laundering and social security fraud, admitting that SAN DIEGO A federal jury has convicted brothers Joshua Yafa and Jamie Yafa, both Florida citizens, of participating in a securities fraud pump-and-dump scheme surrounding the publicly-traded stock of Felix Luciano, the former President of Local 2805 chapter of the American Federation of Government Employees and former Department of Homeland Security officer, pleaded guilty in federal court today, admitting Southern District of California "At Wells Fargo Advisors, we take regulatory responsibilities seriously," bank spokeswoman Shea Leordeanu said in an emailed statement. According to the indictment and other public records, the international money laundering organization laundered approximately $19.6 million dollars in narcotics proceeds on behalf of Mexican-based drug trafficking organizations, including the Sinaloa Cartel, between 2014 and 2016. According to the indictment and other public records, the international money laundering organization cleaned approximately $19.6 million in narcotics proceeds on behalf of Mexican-based drug trafficking organizations, including the Sinaloa Cartel, between 2014 and 2016. Lock Carvana to lay off 2,500 employees; executives to forgo 2022 salaries, U.S. stock indexes end April with massive losses. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking, and money laundering organizations and enterprises. Wachovia Bank traded in drug money involving billons of American dollars and was eventually acquired by Wells Fargo during the 2008 crash, as a result Wells Fargo became a beneficiary of $25bn in . A Wells Fargo & Co. unit has agreed to pay $7 million in a settlement with the Securities and Exchange Commission after alleged glitches in a new anti-money-laundering system let suspicious transactions escape initial notice. Specifically, Aguilera used his position as a personal banker with Wells Fargo Bank to knowingly enter false names, passport numbers, and dates of birth on the fictitious bank accounts. Lock Aguilera was arrested by FBI agents on May 2, 2019, for his participation in an international money laundering organization based in Tijuana, Mexico which operated primarily in San Diego. Federal Office Building "When SEC registrants like Wells Fargo Advisors fail to comply with their AML obligations, they put the investing public at risk," said Gurbir Grewal, director of the SECs Division of Enforcement, adding that the SEC was sending a message to the rest of the industry that "AML obligations are sacrosanct.". May 20, 2022 Wells Fargo & Co. (NYSE: WFC) is again raising eyebrows among regulators. Dont forget you can visit MyAlerts to manage your alerts at any time. NEWS RELEASE SUMMARY - January 11, 2022. Customer Success Story: Bill Pay Used to Be Something to Be Avoided, Now It Is Something to Be Marketed, Customer Success Story: JFS Wealth Advisors Adds More Client Value, Creates Efficiency and Continues Compliance, 100 Ways to Grow Your Wealth Management Firm, The order also found that, beginning in April 2017, Wells Fargo Advisors failed to timely file at least nine additional SARs due to a failure to appropriately process wire transfer data into its AML transaction monitoring system in certain other situations., Gurbir Grewal, director of the SECs Division of Enforcement, said in a statement that when SEC registrants like Wells Fargo Advisors fail to comply with their AML obligations, they put the investing public at risk because they deprive regulators of timely information about possible money laundering, terrorist financing, or other illegal money movements.. Conspiracy to Launder Monetary Instruments (18 U.S.C. Wells Fargo Advisors, a subsidiary of banking giant Wells Fargo & Company, has agreed to pay $7 million to settle charges that it violated federal anti-money laundering statutes by failing to file suspicious activity reports, the U.S. Securities and Exchange Commission announced Friday. Attorneys Blanca Quintero and Jose Castillo. The St. Louis-based Wells Fargo Advisors has agreed to pay $7 million to settle charges from the U.S. Securities and Exchange Commission regarding anti-money laundering practices. This is the second Bank Secrecy Act action against Wells Fargo Advisors in the last five years. SAN DIEGO - Leopoldo Lara Aguilera, a former Wells Fargo personal banker, pleaded guilty in federal court today to money laundering conspiracy and bank fraud. 880 Front Street, Room 6293 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. An official website of the United States government. May 20, 2022 at 09:52 AM Grossman thanked the prosecution team and the FBI San Diego Cross Border Violence Task Force for their excellent work on this case. Aguilera admitted to opening 26 bank accounts for the money laundering organization, including eleven that were created by Aguilera using fictitious identities. A majority of those wire transfers were conducted by Aguilera himself. In 2019, The Wall Street Journal wrote of Wells Fargo. In November 2017, the SEC issued a settled order against Wells Fargo Advisors for failing to timely file at least 50 SARs. Operation of an Unlicensed Money Transmitting Business (18 U.S.C. Aguilera's use of these fictitious accounts were identified by Wells Fargo and brought to the attention of the FBI. In conjunction with Aguilera's arrest, the FBI identified and seized 17 bank accounts that belonged to the money laundering organization containing in excess of $230,000. The Securities and Exchange Commission today announced charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021. For an optimal experience visit our site on another browser. You can also earn bonus rates on these . May 20, 2022 By Mark Schoeff Jr. Wells Fargo Advisors agreed to pay $7 million to settle SEC charges that it failed to report customer transactions that could involve money laundering,. This case highlights the FBIs dedication to holding all individuals accountable who make space for the cartels to function in our communities, said Special Agent in Charge Stacey Moy of the FBI San Diego Field Office. U.S. Attorney's Office, Southern District of California, Wells Fargo Personal Banker Pleads Guilty to Money Laundering Charges, Poway Man Hid Mothers Death for 30 Years, Stole More than $800,000 in Government Benefits Intended for Her, Jury Convicts Brothers Who Conducted Pump and Dump Scheme on Company that Sold Home COVID-19 Tests, Former Union President Admits Filing False Report to Hide Embezzlement; Agrees to Repay Union $36,000. 880 Front Street, Room 6293 AtWellsFargoAdvisors, we take regulatory responsibilities seriously, bank spokeswoman Shea Leordeanu said in an emailed statement. 9am appointment and at 10:10 I'm still waiting . Wells Fargo failed to file at least 34 Suspicious Activity Reports in a timely manner. Aguilera was arrested by FBI agents on May 2, 2019, for his participation in an international money laundering organization based in Tijuana, Mexico which operated primarily in San Diego. Once in Mexico, the funds were transferred to representatives of the Sinaloa Cartel. Agents arrested Aguilar and disrupted the scheme shortly after. As a result, Wells Fargo Advisors did not timely file at least 25 SARs related to suspicious transactions in its customers brokerage accounts involving wire transfers to or from foreign countries it determined to be a risk for laundering, terrorist financing, or other illegal money movements. To report a crime please see the Action Center. The funds were then wire transferred from the funnel accounts to a series of Mexico based shell companies operated by the money laundering organization. Have a question about Government Services? Maximum penalties: Twenty years in prison and $500,000 fine, Bank Fraud Title 18 U.S.C., Section 1344 Federal agents uncovered a sprawling, multimillion-dollar money-laundering scheme operated by a crew of Asian men in New York City. Chicago Title of Michigan. Wells Fargo offers special and standard rate CDs. Specifically, Aguilera used his position as a personal banker with Wells Fargo Bank to knowingly enter false names, passport numbers, and dates of birth on the fictitious bank accounts. San Diego, California 92101-8807, To report broken links or technical issues ONLY, email Webmaster. 880 Front Street, Room 6293 These eleven fictitious accounts alone were used by the criminal organization to wire transfer a total of $3.8 million to Mexico, the vast majority of those wire transfers were conducted by Aguilera himself. The lapse arose because the broker failed to properly implement and test a new version of its internal anti-money laundering (AML) transaction monitoring and alert system adopted in January 2019, the SEC said. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Assistant U. S. Attorney Larry Casper (619) 546-6734 . Member FDIC. The regulator saidWellsFargoAdvisors failed to file at least 34 Suspicious Activity Reports in a timely manner between April 2017 and October 2021. May 21 (UPI) -- Wells Fargo Advisors has agreed to pay a $7 million fine to settle charges that it failed to comply with an anti-money laundering statute by failing to timely file suspicious activity reports. A locked padlock May 16, 2019, 11:30 PM PDT Seized money from the Sinaloa cartel, September 18, 2008. Wells Fargo must pay a $7 million penalty. Get alerted any time new stories match your search criteria. Main Office: Million Dollar Round Table Aims to Stay Global, Fidelity Eyes Spot ETF as Bitcoin Nears One-Year High, UBS Plans to Cut Over Half of Credit Suisse Workforce, Brookfield Re Makes $4.3B Offer to Buy American Equity, SEC Budget Boost Would Support 5% More Advisor Examiners: Gensler, Wells Fargo Advisors Picks Up New Head of National Sales From JPMorgan, Ex-Wells Fargo Exec to Pay $5M to SEC for Misleading Investors, Wells Fargo to Pay $1B in Class-Action Lawsuit, 14 Highest-Paid CEOs in Financial Services: WSJ. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers including the cash used to buy four planes that shipped a total of 22 tons of cocaine. The smugglers had bought the DC-9 with laundered funds they . About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features Press Copyright Contact us Creators . TTY: (619) 557-3450. Federal Office Building In conjunction with Aguileras arrest, the FBI identified and seized seventeen bank accounts that belonged to the money laundering organization containing in excess of $230,000. All three defendants have pleaded guilty in a related case, admitting they participated in the conspiracy. WASHINGTON, May 20 (Reuters) - The U.S. Securities and Exchange commission on Friday said Wells Fargo Advisors had agreed to pay $7 million to settle charges of anti-money laundering related violations. See here for a complete list of exchanges and delays. Other members of the money laundering organization, known as couriers, travelled to Los Angeles, Chicago, Charlotte, Boston, New Jersey, and New York City to pick up bulk cash narcotics proceeds that ranged from thousands to hundreds of thousands of dollars in narcotics proceeds. Rob Wile is a breaking business news reporter for NBC News Digital. To report a crime please see the Action Center. More The U.S. Securities and Exchange Commission fined Wells Fargo Advisors $7 million for failing to file dozens of suspicious activity reports in a timely manner, ACAMS moneylaundering.com reported. Telephone: (619) 557-5610 This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF), a partnership that brings together the combined expertise of federal, state and local law enforcement. A .gov website belongs to an official government organization in the United States. This is false; the US banking giant said no such limitations are in place and customers have full access to their deposits. The system failed to reconcile the different country codes used to monitor foreign wire transfers. Figueroa's arrest marks the latest in a string of recent indictments. "At Wells Fargo Advisors, we take regulatory responsibilities seriously," the company said in a statement to NBC News. For Immediate Release U.S. Attorney's Office, Southern District of California SAN DIEGO - Leopoldo Lora-Aguilera, a former Wells Fargo personal banker, was sentenced in federal court today to 33 months in custody for money laundering conspiracy and bank fraud. no one available, no one saying anything. To date, eight former members and leaders of the organization have been arrested and charged in San Diego. Wells Fargo & Company said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank . SAN DIEGO Donald Felix Zampach of Poway pleaded guilty in federal court today to money laundering and social security fraud, admitting that SAN DIEGO A federal jury has convicted brothers Joshua Yafa and Jamie Yafa, both Florida citizens, of participating in a securities fraud pump-and-dump scheme surrounding the publicly-traded stock of Felix Luciano, the former President of Local 2805 chapter of the American Federation of Government Employees and former Department of Homeland Security officer, pleaded guilty in federal court today, admitting Southern District of California Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. This is the second Bank Secrecy Act action against Wells Fargo Advisors in the last five years. Aguilera conducted these transactions in exchange for thousands of dollars in cash payments from the criminal organization. Have a question about Government Services? When SEC registrants like Wells Fargo Advisors fail to comply with their AML obligations, they put the investing public at risk because they deprive regulators of timely information about possible money laundering, terrorist financing, or other illegal money movements, Gurbir S. Grewal, director of the SECs Division of Enforcement, said in a statement. The system failed to reconcile the different country codes used to monitor foreign wire transfers. A locked padlock A lock ( The industry leader for online information for tax, accounting and finance professionals. Distribution and use of this material are governed by Wells Fargo agreed to pay a total of $185 million in fines in 2016 after it was found to have opened more than 1.5 million checking and savings accounts, as well as 500,000 credit card accounts, without customers' consent. SAN DIEGO - Roberto Gallegos-Lechuga, a drug trafficker and money launderer for the Sinaloa Cartel, was sentenced in federal court yesterday to 188 months in prison for supervising the smuggling of multi-kilogram quantities of cocaine, methamphetamine and heroin from Mexico into the United . San Diego, California 92101-8807, To report broken links or technical issues ONLY, email Webmaster.
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