craighansen writes: ATM machines specifically marketed for providing casino spending money in 60 seconds were the key to an million-dollar gone-in-60-seconds bank fraud. According to the FBI press release, defendant Ara Keshishyan and 13 co-conspirators opened accounts at Citibank with small initial deposits, and multiple withdrawals were made nearly simultaneously at ATM machines in several casinos in California and Nevada. They allegedly used much of the proceeds to gamble and enjoy casino "comps." According to another article, Citibank found the breach, closed the loophole, and notified law enforcement authorities. Because the were transactions below $10,000, in addition to the bank fraud and conspiracy charges, they got charged with "conspiracy to illegally structure financial transactions to avoid reporting requirements, which is punishable by up to five years in prison, and a $250,000 fine." A previous on-line journal named this caper Ocean's 14, even though Danny Ocean isn't among the list of defendants.
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