NEWARK, N.J. (AP) - Officials say that two northern New Jersey men have admitted to their roles in a check-cashing scheme.
NJ.com reports (https://bit.ly/1VrGJGR ) 59-year-old John Creegan, of Dumont, and 47-year-old Paul Fitzsimons, of Englewood, pleaded guilty Thursday to conspiring to cause a financial institution to fail to file currency transaction reports.
Federal authorities say that people brought checks to Creegan and Fitzsimons, who would cash them for the individuals and keep a percentage for themselves.
Officials say the men would then bring those checks to a check-cashing business in New Jersey, which would negotiate the checks, cash them and keep some of the money.
Internal Revenue Service officials say the check-cashing center did not file the legally required reports for those transactions.
Both men are facing up to five years in federal prison.
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Information from: NJ.com, https://www.nj.com
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