acc693-bank-record-analysis

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ACC693: Bank Record Analysis

Janet Johnson d/b/a/ ACME Products, 49 Back Street, Portsmouth, NH 03801

ACME Products, LLC is a wholesale construction products company owned and operated by Janet Johnson. It has come under suspicion as a money-laundering conduit. Business and personal bank records for the business were subpoenaed from Citizens Bank for the period of January through June. These records are summarized below.

Bank Account Activity Summary

ACME Products and Janet Johnson

#12345678; #98765432 Citizens Bank, N.A.

Period of January 1–June 30

ACME Products

ACME Products – # 12345678

No. Totals

#

Amount

Beginning Balance

$ 130,544.04

Deposits

504

$ 10,682,224.95

Withdrawals

362

$ 10,100,000.00

Ending Balance

$ 712,768.99

J. Johnson – # 98765432

No. Totals

#

Amount

Beginning Balance

$ 2,043.27

Deposits

32

$ 112,340.89

Withdrawals

97

$ 95,442.56

Ending Balance

$ 18,941.60

ACME Products Primary Payees

Name

# PMTS

Date Span

Amount

Keller Williams Realty

6

1/2–6/2

$300,000

A.B. Atlas

6

1/5–6/22

$1,020,000

PDI Plumbing

6

1/28–6/26

$825,000

NAAD

5

1/6–5/24

$1,340,000

Pierce Financing

5

1/25–5/27

$2,000,000

Cash

24

1/1–6/28

$1,050,000

J. Johnson

12

1/2–6/15

$96,000

ABC Corp.

6

1/20–6/20

$2,000,000

Total:

$8,631,000

ACME’s primary payees account for $8,631,000 of the $10,100,000 withdrawn during the period.

Janet Johnson Primary Payees

Name

# PMTS

Date Span

Amount

American Express

6

1/15–6/15

$43,027

VISA

6

1/3–6/4

$8,000

Pierce Financing

5

1/28–5/25

$25,000

University Travel

2

1/10–3/4

$6,300

BMW Financing

6

1/5–6/5

$6,000

Total:

$88,327

Johnson’s primary payees account for $88,327 of the $95,443 spent during the period.

Deposits to Accounts

Janet Johnson had four sources of deposits to this account: ACME Products ($96,000), cash ($8,500), rental income ($7,200), and interest ($641).

ACME Products, LLC had four main sources of deposits:

Pierce Financing $5,000,000

Cash $1,500,000

Greggson Construction $873,900

Watermark Construction $934,400

The amount of cash and the loan combined total $8,308,300, or the bulk of the monies deposited.

Wire Transfers

A significant part of the outflow from this account occurred through wire transfer. All payments to ABC Corp. and NAAD were in the form of wire transfer. The payments to ABC were wired to the Cayman Nations, Cayman Islands, account #22288021. The funds to NAAD were wired to the Dublin, Ireland, account #8349005. In total, $3,340,000 in funds was wired to these offshore bank accounts.

Cashier’s or Certified Checks

The payments to PDI Plumbing ($825,000) were done by certified check.

Money Flow:Create a chart of the money flow for the accounts.

Identify the red flags.

Discuss how you would investigate further.

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