A Chula Vista man who did not maintain an anti-money laundering program at seven currency exchange businesses was placed on three years probation as he no longer owns the businesses.
Baltazar Fitch, 57, who had no prior crimnal record, was given no jail time by U.S. District Court Judge Cynthia Bashant on April 11, as the prosecutor didn’t seek any jail sentence.
Fitch agreed to probation conditions that included a ban on employment where fiduciary activities are conducted. He must give a complete disclosure of personal and business financial records to the probation department.
Fitch admitted he knew cash that came from clients in Mexico may be through unlawful activities, but he didn’t know what they were. His attorney said he closed all of the businesses which were in Mexico.
The federal Bank Secrecy Act requires owners of currency businesses to develop, implement and maintain an effective anti-money laundering program to verify customer identification and make sure funds do not come from unlawful activities.
