M&T Bank Must Forfeit $560K In Drug Proceeds
BALTIMORE (AP) — A federal judge in Baltimore is ordering M&T Bank Corp. to forfeit $560,000 in drug money laundered through a branch in Perry Hall.
U.S. Attorney Rod Rosenstein announced the forfeiture Wednesday.
U.S. District Judge James Bredar found that the bank failed to file reports on at least eight currency transactions in which a teller converted proceeds from illegal drug sales from small denomination bills into $100 bills.
Former head teller Sabrina Fitts was sentenced to a month in prison for failing to file currency transaction reports on suspected drug proceeds. Fitts also must forfeit $5,000 she was paid by customer Deanna Bailey to do the conversions.
Bailey was sentenced to 46 months in prison for money laundering conspiracy. She also must forfeit $500,000.
M&T is based in Buffalo, N.Y.
The bank said that its cooperation with law enforcement helped in the prosecution and recovery.
(Copyright 2013 by The Associated Press. All Rights Reserved.)