Related Federal Cases
- Letitia James Convicts Google of Ad Monopoly Violation, New York, 2023 · Connecticut
- Live Nation/Ticketmaster Rejected DOJ Settlement, New York NY, 2023 · New York
- Ticketmaster, Antitrust Violation, New York NY, 2023 · Oklahoma
- Imran Shams Sentenced to 8-25 Years for Medicaid Heist, New York NY… · New York
- Galanis, Tribal Bond Scam, New York 2024 · Connecticut
Buffalo Man Pleads Guilty to Structuring Transactions
A Buffalo man, Eric Iwu, has pleaded guilty to structuring transactions to evade reporting requirements, authorities announced today.
Iwu, 32, a Nigerian citizen residing in Buffalo, NY, pleaded guilty to structuring transactions before U.S. District Judge Lawrence J. Vilardo. The charge carries a maximum penalty of five years in prison and a $250,000 fine.
The plea is the result of an investigation by Homeland Security Investigations, under the direction of Acting Special Agent-in-Charge Matthew Scarpino. Iwu was accused of structuring transactions by making multiple cash withdrawals under $10,000 after depositing large sums into a bank account.
In June 2019, a company called Reliancee Industry LLC was registered with the New York State Division of Corporations. One day later, with Iwu’s assistance, a KeyBank account was opened in the name of Reliancee Industry LLC. In August 2019, three separate deposits of $58,019.76, $54,522.28, and $51,989.54 were made into the account.
Iwu directed an individual to withdraw the sums of cash on different dates, knowing that KeyBank was legally obligated to report currency transactions in excess of $10,000. Iwu did so with the intent to evade that reporting requirement.
Additionally, Iwu admitted his role in opening bank accounts that received fraud proceeds from four victim companies located in the United Arab Emirates, United Kingdom, Singapore, and California, totaling approximately $760,000.
Sentencing is scheduled for October 19, 2022, before Judge Vilardo. Contact Barbara Burns at (716) 843-5817 for more information.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime