St. Louis Area Man Pleads Guilty to Charges of Financial Structuring
FEB 04 - (ST. LOUIS, MO) - United States Attorney Richard G. Callahan announced that Loren Ramsey, St. Louis, Missouri, plead guilty on February 2nd to one felony count of structuring transactions to evade reporting requirements. According to court documents, between December 2005 and December 2008, Ramsey structured approximately $843,547 in cash. The plea agreement lists 136 deposits, all under $10,000, to evade IRS reporting requirements. Additionally, Ramsey agreed to forfeit the property derived from the criminal activity.
Subject to forfeiture is approximately $843,547; one property located in Murphysboro, IL; one property located on California Street, St. Louis; and approximately $34,887.95 U.S. currency which represents the proceeds of the sale of an additional property.
"Structuring cash transactions to evade reporting requirements is a crime that creates an underground, untaxed economy that harms our country's overall economic strength. It is critical to IRS-CI to bring our expertise to financial structuring investigations, to follow the money and prosecute the offender. IRS-CI thanks the U.S. Attorneys Office and agents from the Drug Enforcement Administration for their efforts in obtaining this conviction."
Harry S. Sommers, Special Agent in Charge of the DEA said, “Today’s guilty plea should send a clear message that the DEA, along with our state, local, and federal counterparts, are committed to dismantling and destroying these type of organizations.”
Callahan commended the work on the case by the Drug Enforcement Administration and Internal Revenue Service Criminal Investigation.