Bank Executive Dan Schon Pleads Guilty to Bank Fraud in California
A former executive at Vibra Bank pleaded guilty to causing the filing of false bank reports in federal court, admitting that he caused Vibra Bank to create false anti-money laundering reports as part of an effort to conceal his role in a scheme to structure $70,000 in cash deposits into numerous bank accounts at the bank.
According to a plea agreement, in June 2010, Dan Schon was a Senior Vice President at Vibra Bank. He and another individual structured approximately $70,000 in cash deposits into various bank accounts at the bank. Schon acknowledged that after he participated in the structuring scheme, he was approached by Vibra Bank personnel who had discovered the transactions and were investigating the transactions as part of an Anti-Money Laundering program.
During his interview, Schon made at least five false statements to the Vibra Bank employees who then incorporated those false statements into an Anti-Money Laundering report. Among the false statements made by Schon was a claim that all of the money he deposited was his, that the money he wired to another individual was intended as an investment related to oil and gas, and that he had no knowledge of any of the other structured deposits.
“Today’s guilty plea shows Homeland Security Investigation’s commitment to disrupt financial crimes at the highest levels,” said Dave Shaw, special agent in charge for HSI San Diego. “HSI special agents are highly trained to detect violations of the anti-money-laundering rules at all levels in U.S. financial systems.”
Schon is scheduled to be sentenced on August 21, 2017 at 9 a.m. before U.S. District Judge Michael M. Anello. He faces a maximum penalty of 30 years in prison and a $1 million fine for making a false statement to a bank, 18 U.S.C. 1005.
The defendant, Dan Schon, is 35 years old and resides in Mexico City. The bank, Vibra Bank, is a financial institution based in San Diego, California.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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