The former CEO of Family Bank and Trust Co. of Chicago, Illinois, would be paying a price for willingly turning a blind eye towards deposits of illicit drug cash (related to crystal methamphetamine) being dumped into his bank.
Not filing Currency Transaction Reports has landed them in hot water with the United States District Attorney for Northern Illinois. According to press reports, the scheme was uncovered thanks to an undercover narcotics investigation.
Undercover law enforcement can be just as dangerous as banking regulators.
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