San Diego Lawyers pleads guilty to illegal money transfer business using Trust Accounts and is sentenced to 5 years in prison.
To avoid financial Institutions required reporting, Attorney set up a number of Trust Accounts around the country to collect cash and transfer that money overseas to Mexico and Hong Kong. Between March 2013 to February 2014, the scheme had 47 deposits totaling almost $12 million. The attorney collected a commission for his services.
Normally banks are required to file Currency Transaction Reports for all currency transactions that exceed $10,000 per day. Because of the use of IOLTA accounts the banks were prevented from filing accurate reports. The attorney admitted to knowing that the international funds transfers were being used for unlawful activities.
Attorney is now suspended from the practice of law.
For more detailed information about what transpired client on the following links:
Times of San Diego
The San Diego Union-Tribune
Department of Justice
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