The compliance officer at SunFirst Bank recently shared her experiences at an anti-money laundering conference in Las Vegas. She was the person who discovered that SunFirst Bank was processing funds from online gambling operations. She alleged that the bank knowingly violated the Unlawful Internet Gambling Enforcement Act. California whistleblower and securities attorneys say that whistleblowers save taxpayers millions of dollars each year by stepping forward to reveal information.
According to the whistleblower, the officials at SunFirst Bank threatened to have her arrested if she came forward and spoke about the bank’s illegal acts. She cooperated with federal officials and helped to shed light on what the bank was doing. According to the whistleblower in this case, other banks are likely to be involved with the illegal processing of gambling funds. California whistleblower and securities attorneys say that she is probably right.
The whistleblower got a job at the bank during the height of the economic recession. She moved from Las Vegas to Utah for her job. During her first week on the job she realized that the bank was violating the Unlawful Internet Gambling Enforcement act by knowingly processing funds related to gambling for Poker Stars and full Tilt poker. According to the whistleblower, other workers at the bank told her what they were doing. She could also see what was happening from the slips of paper going in and out. The small Utah bank processed funds that were deposited into offshore accounts. As a result of the activities the bank was collecting $400,000 in fees each month. California whistleblower and securities attorneys remind the public that whistleblowers protect the public from fraud.
In this case, the whistleblower said that she felt like an outsider at the bank. She was new in town and was also the compliance officer at the bank. She alleged that the bank was just wanted to keep making more money and was not concerned about the ethical and legal violations they were committing. She spoke to an attorney and began keeping a journal of what was going on at the bank. Eventually, she began cooperating with federal officials. In 2012, the vice chairman of the bank was arrested. The whistleblower thinks that other banks must be involved with the same kind of illegal processing of funds because several offshore online poker rooms still accept players from the United States.
Evans Law Firm, Inc. handles whistleblower/false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases. If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email firstname.lastname@example.org.