U.S. Goes Easy on LA Bank Manager Once Accused of Hiding Drug $$$

Click here to listen to audio clip #1 and here to listen to audio clipe #2 - excerpts of the undercover conversation between Mazur and Shafi.

To follow along with a transcript of audio clip #1, click here.

To follow along with a transcript of audio clip #2, click here.

According to the grand jury indictment, Shafi later handled an initial transaction of $382,950 that he was allegedly told was drug money.

"He handled millions of dollars," said Mazur.

Implications on Banking Regulation

It was Mazur who first realized Shafi had come back to the United States as he researched a recently published book on his life as an undercover agent, The Infiltrator.

"I'm extraordinarily disappointed," said Mazur.

After he fled to Pakistan, Shafi, a member of a prominent family with political connections, continued to work in the banking industry there.

Shafi first returned to the United States in 2003 and worked briefly at an investment firm in the Seattle area.

He later moved to the Los Angeles area and now lives with his family in Anaheim, in Orange County.

Shafi started at the Artesia branch of Habib American but then was promoted to run the Los Angeles branch, according to a bank employee.

Its website says the bank "will adhere to the highest levels of honesty, integrity and efficiency in providing value added services to our customers."

Former Senate investigator Blum says the Shafi case raises larger questions about the quality of bank regulation by New York State and others.

"It's painful because after all the problems we've had in the banking business, for something this basic to be slipping by the regulators and the people who license banks is very distressing."

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