How many male models travel or have this much cash?

[coriolis888]

Chech out this confiscation of cash at an airport -

 

www.independent.ie/irish-news/male-models-570k-cash-stash-seized-31522541.html

 

The money was seized and will be returned to the guy unless the officials can tie the money to illegal activities.

[Frequentflier]

Not a good idea. I don't have $570 k in cash but if I did I sure wouldn't risk it being stolen or questions I'm sure would be asked when the TSA agent opened my carry on. Hope the guy has really good accounting records so he can prove he came into the cash legally and he's paid taxes on it if taxable.

[MsGuy]

The money was seized and will be returned to the guy unless the officials can tie the money to illegal activities.

 

The fellow should count himself lucky he's not in the good old US of A. Here, we would keep the cash until the little bugger came up with iron clad proof for the legit origins of the cash and got a court order releasing it to boot.

 

Not mention trying to sneak $600,000 cash out of the country undeclared, That's a pretty solid felony all by itself.

[sincitymix]

The fellow should count himself lucky he's not in the good old US of A. Here, we would keep the cash until the little bugger came up with iron clad proof for the legit origins of the cash and got a court order releasing it to boot.

 

Not mention trying to sneak $600,000 cash out of the country undeclared, That's a pretty solid felony all by itself.

Yeah, if he was in the US and leaving with 600K, and did not declare it.. would be seized.

My mother had a friend who sold her house, went on vacation back to her home country to visit family in the Philippines. She declared like 5000 and packed the rest of the 300k in her suitcase, purse, and on her person. She got caught when there was a discrepancy on what she declared on the form and what she had stated. she was searched, money confiscated and seized. Now she has nothing to show for her Home sale, and a whole lot of legal problems. She said she did not know she had to declare all the money if she was a us citizen leaving the us. Guess she thought it didn't matter how much she was trying to leave the country with, as she had "already paid all the taxes on it when her home sold"... guess she didn't read the fine print on the declaration form.

Currency Export regulations:

local currency (United States Dollar-USD) and foreign currencies: no restrictions, provided that arriving and departing passengers must report to US customs any money or other monetary instruments exceeding USD 10,000.-.

[+ sync]

Yeah, if he was in the US and leaving with 600K, and did not declare it.. would be seized.

My mother had a friend who sold her house, went on vacation back to her home country to visit family in the Philippines. She declared like 5000 and packed the rest of the 300k in her suitcase, purse, and on her person. She got caught when there was a discrepancy on what she declared on the form and what she had stated. she was searched, money confiscated and seized. Now she has nothing to show for her Home sale, and a whole lot of legal problems. She said she did not know she had to declare all the money if she was a us citizen leaving the us. Guess she thought it didn't matter how much she was trying to leave the country with, as she had "already paid all the taxes on it when her home sold"... guess she didn't read the fine print on the declaration form.

Currency Export regulations:

local currency (United States Dollar-USD) and foreign currencies: no restrictions, provided that arriving and departing passengers must report to US customs any money or other monetary instruments exceeding USD 10,000.-.

 

These forums are fountains of information. I would have been in the same boat as your mother's friend. What a horrible experience for her.

[BaronArtz]

In the USA (and I assume Europe) it is hard to deposit this large amount of cash at a bank. Banks would refuse it if you bring it in as a lump sum. You would need to make multiple deposits of less than $10,000 at a variety of banks. Then you can consolidate the accounts. An international wire transfer to a bank outside the US is fairly easy. There is no need to carry that amount of cash.

[Brian Kevin]

I want to say something but I don't know what to say so I'm just going to sit here wondering what 570 K smells like. I used to open my bank account and smile, now I'm going to be envious of the 570K for weeks to come. On that note (get it, note) I'm winding down in a hot bubble bath.

[sincitymix]

In the USA (and I assume Europe) it is hard to deposit this large amount of cash at a bank. Banks would refuse it if you bring it in as a lump sum. You would need to make multiple deposits of less than $10,000 at a variety of banks. Then you can consolidate the accounts. An international wire transfer to a bank outside the US is fairly easy. There is no need to carry that amount of cash.

That's if you use banks, a lot of Asians mistrust banks mainly because if its not in the bank, the tax man doesn't know they have it

[BaronArtz]

That's if you use banks, a lot of Asians mistrust banks mainly because if its not in the bank, the tax man doesn't know they have it

 

I understand they don't trust banks. But then what do you do with the cash? You don't establish a credit history. And you can't make any major purchases, like cars, homes, etc. with cash ...

[+ friendofsheila]

Was he a model? Or a "model"?

[rvwnsd]

In the USA (and I assume Europe) it is hard to deposit this large amount of cash at a bank. Banks would refuse it if you bring it in as a lump sum....

 

Prefacing this by saying I have worked in retail banking for nearly 30 years. If the depositor has an established relationship with a financial institution, the FI would likely accept the lump-sum deposit, but would be required to complete a Currency Transaction Report and file it with FinCen. Regardless the length of time a depositor has had a relationship with a FI, they would likely flag the transaction as being suspicious and conduct their own investigation. I can guarantee you FinCen would also flag the transaction as suspicious and launch an investigation.

 

...You would need to make multiple deposits of less than $10,000 at a variety of banks. ...

Oh, that would be a very bad idea. That is called "structuring" and it would raise even more suspicions than the garden-variety $570K cash deposit. You see, that is a classic way to launder money. Most governments, including in the US, consider that to be a crime.

 

...Then you can consolidate the accounts. An international wire transfer to a bank outside the US is fairly easy. There is no need to carry that amount of cash.

 

International wires for individuals are not really all that easy. A $570K outgoing international wire transfer from a personal account that does not have an established history of such transactions will raise all kinds of red flags.

[BaronArtz]

rvwnsd - I respect your expertise. Let me say that I have personally and successfully performed these transactions with major NY banks and nobody raised a red flag - and all of this during the last 10 years. No bank will even look at cash deposits of $2,000 a pop. You will need to do many of those, but spread out over several weeks and several banks and even accounts within the same bank it is not a problem. You can have 2-3 accounts each with 10 banks, for instance, so it moves quickly. About your last point, however, I agree. The wire transfer of $570K should be broken up in smaller transactions depending on what your history is. But as long as you wire it to an established bank abroad (not to a bank in North Korea, for instance), no problem. It may take 5-10 wire transfers, but the cost of $45 per wire is negligible.

[Vato Loco]

Isn't this why a well reviewed and noted escort here only flies in private jets?

[BaronArtz]

Isn't this why a well reviewed and noted escort here only flies in private jets?

 

Even when you fly in private jets, you are still subject to inspection by Homeland Security and Customs when you enter/leave the country (the USA, in this case). It is just that you don't stand in line forever when you do it.

[thickornotatall]

stats?...pic?....likes and dislikes?....

[Guest]

Even when you fly in private jets, you are still subject to inspection by Homeland Security and Customs when you enter/leave the country (the USA, in this case). It is just that you don't stand in line forever when you do it.

 

Yes, I landed in a private jet from Europe at Oakland International once. They even looked in the bathroom (although he did say "Sorry--had to look!").

[Guest]

She declared like 5000 and packed the rest of the 300k in her suitcase, purse, and on her person. She got caught when there was a discrepancy on what she declared on the form and what she had stated. she was searched, money confiscated and seized. Now she has nothing to show for her Home sale, and a whole lot of legal problems. She said she did not know she had to declare all the money...

 

How could anyone possibly be so moronic as to believe that it's OK to put false information on a customs declaration form, sign where it says "I HAVE READ THE IMPORTANT INFORMATION ON THE REVERSE SIDE OF THIS FORM AND HAVE MADE A TRUTHFUL DECLARATION," and that this would not be illegal? Sorry, no sympathy from me.

 

http://3.bp.blogspot.com/-mMPT3tgVWaQ/U5qVs64HbRI/AAAAAAAAJCM/lEE4OiJmRSY/s1600/thumb-down-smiley.png

[Nebost]

Has Brodie Sinclair been expatriating to Ireland?

[sincitymix]

I understand they don't trust banks. But then what do you do with the cash? You don't establish a credit history. And you can't make any major purchases, like cars, homes, etc. with cash ...

 

Right, however in some Asian countries, Its all based on a persons word.

Cash is king too, pay everything in cash.

stash the money around the house, in hidden locations etc A lot of loans are made person to person, based on trust. That often fails miserably as you might guess, as often is the case, the children of the parents are often times forced to pay back the loan, with interest.

[rvwnsd]

rvwnsd - I respect your expertise. Let me say that I have personally and successfully performed these transactions with major NY banks and nobody raised a red flag - and all of this during the last 10 years. No bank will even look at cash deposits of $2,000 a pop. You will need to do many of those, but spread out over several weeks and several banks and even accounts within the same bank it is not a problem. You can have 2-3 accounts each with 10 banks, for instance, so it moves quickly. About your last point, however, I agree. The wire transfer of $570K should be broken up in smaller transactions depending on what your history is. But as long as you wire it to an established bank abroad (not to a bank in North Korea, for instance), no problem. It may take 5-10 wire transfers, but the cost of $45 per wire is negligible.

What you have done is illegal.

 

If your bank is not monitoring, reviewing, and aggregating the cash transactions their customers are performing, they are in violation of the Bank Secrecy Act. It is a problem if you spread cash transactions among accounts at the same bank and the bank does not detect, review, aggregate, and ensure the transactions do not appear to be structured in a way that avoids the $10K CTR requirement. There's this law called The Bank Secrecy Act and a set of rules commonly referred to as the AntiMoney Laundering Act. They are often referred to collectively as "BSA/AML." Here are a couple of links from FinCEN:

 

http://www.fincen.gov/statutes_regs/bsa/

 

http://www.fincen.gov/news_room/aml_history.html

 

If you are performing multiple cash transactions I guarantee you that your bank/banks are monitoring your activity. As I said previously, if they aren't and the Fed finds out about it during a routine audit, they will have a very very bad set of days ahead of them.

[BaronArtz]

rvwnsd - as I said before, I do respect your expertise. But it would only be illegal if the cash were obtained through illegal means, would it not?

 

And so what if what I did was in a 'grey zone'? What if it is indeed illegal - which I doubt, it is hard to prove? Hiring escorts is illegal in most states. Yet many/most/all of us do it ...

[cany10011]

is there a picture of said "model" would love to know what he did to get all that cash!

[MsGuy]

rvwnsd - as I said before, I do respect your expertise. But it would only be illegal if the cash were obtained through illegal means, would it not?

 

And so what if what I did was in a 'grey zone'? What if it is indeed illegal - which I doubt, it is hard to prove? Hiring escorts is illegal in most states. Yet many/most/all of us do it ...

 

First: Nope, structuring your transactions to evade a financial institution's reporting requirements is a felony even if the cash itself is perfectly clean; even if your purpose in doing so is not in itself criminal; even if you are otherwise a good citizen and a nice person.

 

Second: Most folks don't post confessions to serious felonies to chat sites that might well be currently under the beady stare of DOJ surveillance bots. Just saying.