BAYONNE — Several New Jersey law enforcement agencies are sharing some $1.5 million forfeited by a Bayonne bank last year, officials said. The money is part of $5 million Pamrapo Savings Bank agreed to forfeit after admitting it failed to report millions in illegal financial transactions, officials said. The Internal Revenue Service presented checks to several agencies in Manalapan...
File photo of Pamrapo Savings Bank in Bayonne.BAYONNE — Several New Jersey law enforcement agencies are sharing some $1.5 million forfeited by a Bayonne bank last year, officials said.
The money is part of $5 million Pamrapo Savings Bank agreed to forfeit after admitting it failed to report millions in illegal financial transactions, officials said.
The Internal Revenue Service presented checks to several agencies in Manalapan today, said Special Agent Robert Glantz, a spokesman for the IRS Newark field office. Bayonne police received that largest share, at $500,000; the Union and Monmouth counties prosecutors’ offices, Manalapan police and Hillside police each received $250,000.
The bank was found guilty in March 2010 of conspiring to violate the Bank Secrecy Act, which requires financial institutions to help the government prevent money laundering, authorities said at the time.
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