Cyber Boy Corp. CEO, Sr. Roy Andrade, has been arrested in the case of smuggling cash to the United States from England and failing to file a FinCEN Form 105 with the U.S Customs Border Protection (CBP). FinCEN (The Financial Crimes Enforcement Network) has imposed a $250,000 civil money penalty against Sr. Roy Andrade.
He was arrested in England on Christmas and extradited to California following a complaint against him by the US government for 31 USC § 5316 violations. CBP officers seized roughly £310,000.00 in undeclared currency from Sr. Roy Andrade. While responding on this subject, Sr. Roy Andrade has declared his arrest just a misunderstanding and he is confident about things getting cleared soon.
Refuting the claims of the FinCEN, Sr. Roy Andrade has explained that he filled the forms with CBP on his departure from Europe to arrive in California. Moreover, Cyber Boy Corp. CEO has added that his firm has already hired a civil asset forfeiture attorney and customs attorney to deal with this issue at the earliest.
FinCEN imposed the monetary penalty after law enforcement seized CBC and arrested Sr. Roy Andrade. Under Section 5316, every international traveler with more than $10,000 cash must provide Customs Border Protection a FinCEN 105 form at or before the arrival or departure time. Miami, Florida tops the list of the US cities where cash is seized at the airport.
Cyber Boy Corp. CEO, Sr. Roy Andrade, has said that there is no point to worry as he had also been arrested earlier due to a misunderstanding. He said that his attorneys can present a copy of the surveillance video to show his detention at LAX.
He has said that his legal team will also prove the seizure of his money an unlawful act. CBC CEO said that his legal team will show the legitimate source of his income and then questions will be raised over the failure of the federal agents to follow procedural requirements.
