Lead Man Guilty Of Unlawfully Structuring Financial Transactions
United States Attorney Brendan V. Johnson announced that David Olmsted, a/k/a Dale Cooper, Jr., 60, of Lead, South Dakota appeared before Chief Judge Jeffrey L. Viken, U.S. District Court on May 21, 2013 and pled guilty to a charge of Unlawful Structure of Transactions to Evade Reporting Requirements.
The maximum penalty upon conviction is 5 years’ imprisonment and/or a $250,000 fine.
In February 2011, Olmsted arranged for shipments of Iraqi Dinars, the country’s currency, to be sent from the country of Jordan to the United States in split shipments. Olmsted was aware that every currency shipment had to reported if the value exceeded $10,000, so he split the shipments to avoid exceeding that amount and to avoid having to report the shipments to the Department of Treasury.
The investigation was conducted by U.S. Immigration and Customs Enforcement's Homeland Security Investigations. The case is being prosecuted by Assistant U.S. Attorney Sarah B. Collins.
A presentence investigation was ordered and a sentencing date was set for September 13, 2013. The defendant was released on bond pending sentencing.