A Boston bank admitted currency violations.
Provident Institution for Savings pleaded guilty in federal court in Boston to a charge that it failed to report large cash transactions, including some involving convicted mob boss Gennaro J. Angiulo. Angiulo, two brothers and an associate were convicted last week in a racketeering case in the same federal court. The government recommended a fine of $100,000 for the bank, and U.S. District Judge Walter J. Skinner agreed. The Boston-based bank was charged with not telling the Internal Revenue Service about numerous cash transactions over $10,000, as required by federal law.
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