Cathy Scharf, former compliance officer, spoke at the Certified Anti-Money Laundering Specialists (CAMS) conference in Nevada; explaining how SunFirst Bank (SFB), a Utah bank, she worked for was “illegally processed at least $200 million for the offshore gambling sites PokerStars and Full Tilt Poker.”
Scharf said that executives at the bank supported the activity because it kept their bank from going under.
The bank then hired “criminal lawyers to threaten” her to arrest if she revealed the scheme.
SFB was also entangled in offshore money laundering connected with gambling operations that explained why the bank was focused on acquiring more customer deposits.
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