HSI Newark Investigation Nets Guilty Plea From New Jersey Man for Structuring Over $250K to Evade Reporting Requirements

NEWARK, N.J. — A Middlesex County man admitted to structuring over $250,000 in bank deposits following an investigation conducted by Homeland Security Investigations (HSI) Newark with the Port Authority of New York and New Jersey and the Internal Revenue Service.

Abdel Elgendy, 67, of Piscataway, pleaded guilty to an information charging him with structuring before the U.S. District Court for the District of New Jersey in Newark on May 15.

“Abdel Elgendy intentionally tried to skirt lawful financial reporting systems, but our investigation uncovered his illegitimate pattern of structuring activity,” said HSI Newark acting Special Agent in Charge William S. Walker. “We are thankful for the collaboration with the Port Authority of New York and New Jersey, the Internal Revenue Service, and the prosecutors who worked with us to ensure this fraudster was brought to justice.”

According to the investigation, from March 2021 to November 2021, Elgendy purposefully engaged in a pattern of structuring activity to deposit over $250,000 in cash at financial institutions in ways to avoid reporting requirements for transactions in excess of $10,000. For example, during one of the deposits in September 2021, Elgendy accidentally provided a teller with more than $10,000 to be deposited. When the teller informed him that the cash totaled more than $10,000, Elgendy took some of the money back from the teller to ensure that the total deposited amount was less than $10,000.

HSI Newark also credited the Springfield Police Department and the Teaneck Police Department for their support in the investigation.

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