NEWARK, N.J. – Abdel Elgendy, a 67-year-old man from Piscataway, New Jersey, has taken the fall for structuring over $250,000 in bank deposits, evading reporting requirements for transactions in excess of $10,000.
According to documents filed in the case and statements made in court, Elgendy purposefully engaged in a pattern of structuring activity from March 2021 to November 2021. He deposited large sums of cash in ways designed to avoid triggering reporting requirements.
In one instance, in September 2021, Elgendy accidentally provided a teller with more than $10,000, prompting the teller to inform him that the cash exceeded the reporting threshold. In response, Elgendy took some of the money back to ensure the deposited amount was below $10,000.
The count of structuring to which Elgendy pleaded guilty carries a maximum penalty of 10 years in prison and a fine of $500,000. Sentencing is scheduled for October 29, 2024.
The investigation that led to Elgendy’s guilty plea was a joint effort involving several law enforcement agencies, including the Port Authority of New York and New Jersey, the IRS-Criminal Investigation division, and Homeland Security Investigations.
U.S. Attorney Philip R. Sellinger credited the special agents involved in the case with their diligence and expertise, saying, ‘The investigation and prosecution of financial crimes, such as structuring, are crucial to maintaining the integrity of our financial system.’
The government is represented by Assistant U.S. Attorneys Carolyn Silane and Benjamin Levin of the Criminal Division in Newark. Elgendy’s guilty plea marks a significant blow to those who attempt to evade financial regulations and undermine the trust in our financial institutions.
The case serves as a reminder that structuring cash deposits is a serious crime with severe consequences. The Grimy Times will continue to follow this case and provide updates as more information becomes available.
elgendy.information.pdf
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source ↗
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