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Started By
Message
re: Louisiana woman defrauded government for $1.1 million via Paycheck Protection Program
Posted on 5/23/23 at 1:56 pm to VADawg
Posted on 5/23/23 at 1:56 pm to VADawg
quote:
She is an idiot. I'm sure someone told her not to make any deposits over $10K because she'd have to fill out a CTR.
It's pretty easy for bank investigators to tell who is actively trying to avoid a CTR filing. Structured cash deposits/withdrawals is a felony and is often something the feds will use to take a deeper dive into someone's account.
The use/deposit/withdrawal of cash should not be "probable cause" for shite and certainly should not trigger any reporting requirements.
1
Posted on 5/23/23 at 2:11 pm to udtiger
quote:
The use/deposit/withdrawal of cash should not be "probable cause" for shite and certainly should not trigger any reporting requirements.
I agree. I don't make the rules, I just know what they are. If a bank sees that you have a history of what look to be structured cash deposits/withdrawals, they'll probably call you to figure out if there's a legitimate explanation for it (i.e. if the bank branches don't have enough cash on hand). If they don't get a response, or if the response isn't a good one, they'll report your account to the Treasury and the Treasury decides what to do from there. It has to really stand out to get the Treasury's attention though. If they decide to investigate, they can use structured cash as a way to dig deeper. Banks have to do this because regulators and auditors will have a field day with them if they don't.
Moral of the story is don't try to intentionally avoid a CTR by splitting up the size of your cash transactions. That's easy for a trained bank employee to spot and most banks will shut your account down if that pattern of activity doesn't stop over time.
Posted on 5/23/23 at 2:16 pm to VABuckeye
quote:
What kind of business because PPP was based on payroll, not revenue.
IT services.
I assumed the banks were asking g for that to prove we actually had that payroll flowing through the business.
Posted on 5/23/23 at 2:18 pm to member12
I'm pretty sure it doesn't get more suspicious than making 5 separate deposits in 92 minutes while trying not to be suspicious.
That's what you get with a Southern Education?
That's what you get with a Southern Education?
Posted on 5/23/23 at 2:24 pm to Meauxjeaux
I'm pretty sure we just had to give our 941's.
Posted on 5/23/23 at 2:29 pm to member12
Turned on the cash spigot after years of sky screaming about regulations and oversite crippling American businesses and then acting shocked when folks took buckets of cash because regulation and oversite are counter to the unfailing market...you had to see it coming...
Posted on 5/23/23 at 2:33 pm to member12
No doubt the majority of comments to this thread will focus on race because, well we all know why even though most of you will claim if it exists at all it only harms white folks....but apparently at least 65 billion $ of the $800 billion, which was signed into law by a "conservative" was receieved fraudently. This old gal, guilty as she is, was not even a drop in the bucket. Folks of all races, creeds, sexual orientations and probably nationalities were toting money off as fast as they could...and anyone with a brain knen when Trump cracked the valve this would be the outcome.
Posted on 5/23/23 at 2:43 pm to LSUFanHouston
$378,410,624,804 In EIDL LOANS issued. Most 30 years. 3.75%
Not PPP…EIDL.
I had one I’ve been paying back already.
Gonna be the next student loan issue.
No personal guarantees needed unless it was over like $200k.
Rumored they aren’t even trying to collect those under $100k.
Not PPP…EIDL.
I had one I’ve been paying back already.
Gonna be the next student loan issue.
No personal guarantees needed unless it was over like $200k.
Rumored they aren’t even trying to collect those under $100k.
This post was edited on 5/23/23 at 2:53 pm
Posted on 5/23/23 at 2:47 pm to Lawyered
quote:
I’d love to know the REAL number of fraudulent claims of all that PPP money
You can see recipients by parish, massive fraud.
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