In plain English, [money laundering] is making dirty money clean by concealing the true origin of the funds.
— Hon. James R. Zazzali, Chief Justice Supreme Court of New Jersey
Yesterday I shared on D.Buzz breaking news concerning Capital One, National Association and the results of its financial dealings with organized crime (known associate(s) of the Genovese Crime Family). The following is facts that I have gathered concerning Capital One's collusion with (whether knowingly or unknowingly) historically known law breakers and the Federal Government's response to the bank's failure to comply with federal banking regulations.
The Charges Filed Against Capital One
On January 15, 2021, Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), Department of the Treasury assessed a civil money penalty to Capital One, National Association headquartered in McLean, Virginia as they had violated complying with the Bank Secrecy Act (BSA).
The forfeiture amount assessed was a total of $390,000,000 USD. Below is an excerpt from the ASSESSMENT OF CIVIL MONEY PENALTY, the first one filed by FINCEN this year.
NOTE: Bracketed terms above are mine for the sake of clarity. The entire Assessment Document may be read by clicking this link text.IV. Civil Money Penalty Determination
FinCEN has determined that CONA [Capital One] violated the AML [anti-money laundering] program and reporting requirements of the BSA [Bank Secrecy Act] and its implementing regulations as described in the CONSENT, and that grounds exist to assess a civil money penalty for these
violations.24FinCEN has determined that the penalty in this matter will be $390 million. FinCEN has agreed to credit the payment of $100 million CONA made in relation to the OCC [Office of the Comptroller] of the Currency Order. Accordingly, FinCEN’s penalty will be deemed satisfied by an immediate payment of $290 million to the U.S. Department of the Treasury.
Put simply, Capital One is being fined for not keeping proper records and filing reports as required by federal law that has been in place since 1970 from the period of 2008 up to in or about 2014.
Mafia (Cosa Nostra) Involvement
Meme Created by @sgt-dan
Photo of Al Capone is Public Domain
The Federal Government had advised Capital One of concerns with some of their clients. These clients were inherited when Capital One merged with North Fork Bank and Hibernia Bank. Capital One then got into the check cashing game when they formed their Check Cashing Group (CCG). This is where the mafia associates enter the picture.
C & F, Incorporated is a check cashing company in Newark, New Jersey formally run by Domenick Pucillo, a known associate of the Genovese Crime Family. The Genovese Crime Family is the oldest and largest of the five traditional mob families. They can trace their origins to the late 1800s within the United States.
Pucillo who answered to Vito Alberti, a Genovese soldier, also was involved in gambling, loan sharking, and ran unlicensed check cashing companies. He was sentenced to 10 years in prison after pleading guilty to a number of charges back in September of 2019.
Do you have any views about this topic? If so, please leave them in the comments. You might even have more information that I may have missed during my research.
Thank you for taking the time to read my post. Blessings and groovy vibes!