A recent anti-money laundering conference held in Las Vegas was attended by the compliance officer of SunFirst Bank, who then shared her experiences with the attendees. She was the one who made the discovery that SunFirst Bank was really handling cash from internet gambling enterprises. She claimed that the bank had intentionally broken the Unlawful Internet Gambling Enforcement Act (UIGEA). It has been said by lawyers who specialize in securities and whistleblower cases in the state of California that individuals who come forward to disclose information save the state’s taxpayers millions of dollars annually. According to the individual who reported the unlawful activities of SunFirst Bank, the authorities at the bank threatened to have her arrested if she came out and disclosed the illicit activities of the bank. Her cooperation with federal authorities and her contribution to shedding light on the activities of the bank were both commendable. There is a high probability that additional financial institutions are participating in the unlawful processing of gaming payments, as stated by the whistleblower in this particular instance. Whistleblowers and securities lawyers in California have expressed their belief that she is most likely correct. During the worst of the economic downturn, the person who blew the whistle was able to get employment at the bank. As a result of her profession, she relocated from Las Vegas to Utah. During her first week on the job, she came to the realization that the bank was in violation of the Unlawful Internet Gambling Enforcement act since it was processing payments linked to gambling for Poker Stars and full Tilt poker. She was informed by other employees at the bank about what they were doing, according to the person who blew the whistle. What was going on could also be seen by her from the slips of paper that were being brought in and taken out. The little bank in Utah handled the processing of monies that were placed into accounts located in other countries. The operations were causing the bank to collect fees of $400,000 each month as a consequence of the activities. Lawyers that specialize in securities and whistleblower cases in California remind the general public that whistleblowers protect the general public from fraud. The person who reported the wrongdoing said that she had the impression that she was an outsider in the bank. In addition to being the compliance officer at the bank, she was also a newcomer to the area. She said that the bank was just interested with continuing to make more money and was not bothered about the ethical and legal infractions that they were doing. After having a conversation with a lawyer, she started maintaining a notebook of the events that were taking on at the bank. She eventually started working with federal authorities and collaborating with them. An arrest was made against the vice chairman of the bank in the year 2012. Due to the fact that a number of offshore online poker clubs continue to welcome players from the United States, the whistleblower believes that additional banks must be engaged with the same sort of unlawful processing of cash. Cases involving whistleblowers and false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury are among the areas of practice that Evans Law Firm, Inc. assists with. If you believe that you have been a victim of financial fraud committed by an insurance company, bank, or person, then you should call Evans Law Firm, Inc. at (415) 441-8669 for a consultation that is both free and private, or you can send an email to info@evanslaw.com.
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