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Justice News

Department of Justice
U.S. Attorney’s Office
District of Minnesota

FOR IMMEDIATE RELEASE
Friday, April 20, 2012

Maple Grove Man Sentenced For Conspiring To Structure Bank Transactions

MINNEAPOLIS—Earlier today in federal court in St. Paul, a 52-year-old Maple Grove
man was sentenced for conspiring to structure financial transactions in order to evade federal
reporting requirements. United States District Court Judge Susan Richard Nelson sentenced
Alaa Yousef Abed to two years of probation, a $2,500 fine, and 200 hours of community
service on one count of conspiracy to structure domestic financial institution transactions. Abed
was indicted on November 8, 2011, and pleaded guilty on January 13, 2012.

In his plea agreement, Abed admitted that from June of 2007 through September of 2011,
he conspired with others to structure and assist in structuring transactions through one or more
financial institutions for the purpose of evading the federal reporting requirements for such
transactions. When a domestic bank processes a deposit or withdrawal of cash that exceeds
$10,000, it is required by law to submit a currency transaction report to the Secretary of the
Treasury. The requirement is designed to track the flow of cash in the U.S. When Abed and his
co-conspirators had large amounts of cash to deposit, however, they processed them through
transactions of less than $10,000 at a variety of branch banks in an attempt to keep the bank
from filing transaction reports.

In addition to Abed’s sentence, the Court ordered the government to seize via criminal
forfeiture a 2004 Lexus automobile and $147,633.85 from Abed’s bank accounts.

This case was the result of an Organized Crime Drug Enforcement Task Force investigation
by the Internal Revenue Service-Criminal Investigation Division and the U.S. Drug
Enforcement Administration. It was prosecuted by Assistant U.S. Attorney Thomas M.
Hollenhorst.

 

 

Updated April 30, 2015