INVESTIGATINGFinance & BankingA BofA relationship manager in Brooklyn bypassed know-your-customer protocols, opened accounts for Medicare fraud shell companies, communicated via encrypted apps, and booked a one-way ticket to Moscow before getting caught.
“A BofA relationship manager in Brooklyn bypassed know-your-customer protocols, opened accounts for Medicare fraud shell companies, communicated via encrypted apps, and booked a one-way ticket to Moscow before getting caught.”
A Bank of America relationship manager at a Brooklyn branch bypassed every security protocol in the book to open accounts for shell companies billing Medicare for millions in fake claims. He communicated with the fraud network via encrypted apps. When the walls started closing in, he booked a one-way flight to Moscow.
The banker opened accounts for companies that existed only on paper. He bypassed know-your-customer protocols designed to prevent exactly this. He processed transactions that should have triggered anti-money laundering alerts. He did all of this from a regular bank branch in Brooklyn.
A one-way ticket to Moscow is not a vacation. It's an escape plan. The banker recognized that his operation was unraveling and attempted to flee to a country with no US extradition treaty. He was caught before he could board the plane.
Eight million dollars laundered through a single branch, by a single employee, for a fraud ring that stole $14.6 billion total from Medicare. This banker was one node in a network that spanned the entire country — and he was ready to run to Russia when it fell apart.
This is the second Bank of America money laundering story in this batch. Between the Epstein settlement and the Medicare fraud banker, BofA's compliance systems appear to be suggestions rather than safeguards.
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