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Bank pleads guilty in money laundering scheme

October 26, 2009 3:13:08 PM PDT
A suburban bank has pleaded guilty to its role in a money laundering scheme.Federal prosecutors say that in 2001 Family Bank and Trust in Palos Hills did not file cash transaction reports for deposits totaling more than $800,000.

The money was reportedly tied to a drug trafficking operation.

Prosecutors say former bank president Marvin Siensa was involved in the scheme. He has since died.

Family Bank and Trust is now under new ownership which is not connected to these allegations.

The bank will forfeit $800,000 and will relinquish any claims it might have on money being held by the government in the drug case.


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