A San Diego man has pleaded guilty to failing to report millions in suspicious transactions, according to a plea agreement filed in federal court.
Baltazar Fitch, the owner and manager of several money transmitting businesses, admitted to willfully failing to maintain an adequate anti-money laundering program at his companies.
Fitch’s businesses accepted large quantities of cash from Mexican-based currency exchange houses, but failed to file any reports with the Department of Treasury as required by law.
As part of his plea agreement, Fitch acknowledged that he knew the cash transactions were relevant to a possible violation of law or regulation, but did not file any reports.
The plea agreement states that Fitch’s companies provided currency exchange and transmission services to clients in Mexico and the U.S., and that he partnered with businesses in the Southern District of California to deposit currency into U.S. bank accounts and wire transfer funds abroad.
Fitch faces a maximum penalty of five years’ imprisonment, a $250,000 fine, or twice the gross gain resulting from the offense, whichever is greatest.
Special Agent Dave Shaw of ICE Homeland Security Investigations commended the investigators for their work in unraveling the financial scheme and combating financial crime.
Fitch is scheduled to be sentenced by U.S. District Court Judge Cynthia Bashant in April.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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