The SAR Activity Review Issue 12 - FinCEN

• The subject presented a stolen credit card check, alleging that it was
payment for the sale of a vehicle. Upon request for a copy of the bill of sale,
the subject terminated the transaction.
Casinos and Card Clubs
A search of the financial database revealed only seven Suspicious Activity
Report by Casinos and Card Clubs (SAR-C) filings with narratives containing
“convenience check(s),” “credit card check(s)” or “courtesy check(s).”
Securities and Futures Industries
There were 69 Suspicious Activity Report by Securities and Futures Industries
(SAR-SF) filings identified. Of those SAR-SF filings, 33 listed convenience check(s),
33 listed credit card check(s), and 3 listed courtesy check(s). The total reported
value in these SARs was $14,632,261. Exhibit 5 illustrates the activity by year.
14
12
10
8
6
4
2
0
Exhibit 5: Securities and Futures Industries Suspicious Activity Reports filed
for the Period of January 1, 2003 through March 31, 2007
12
Activities reported include:
9
0
8
10
0
6
2003 2004 2005 2006 2007
Convenience Check(s) Credit Card Check(s) Courtesy Check(s)
• Subjects presented third party credit card checks to deposit in their
brokerage accounts. The funds were credited to their accounts. The subjects
purchased stock, and then sold the stock for financial gain. The checks
were later returned for insufficient funds or were reported as stolen. The
brokerage company sustained financial loss.
8
2
5
3
1
2
3
0
11