News and Press Releases

United States Attorney Benjamin B. Wagner
Eastern District of California

Bakersfield Business Owner Arrested for Financial Reporting Crimes

FOR IMMEDIATE RELEASE
Friday, February 22, 2013
 

Docket #: 1:13-cr-059-LJO-SKO

 

 

BAKERSFIELD, Calif. — Miguel Antonio Ruiz Jaramillo, 66, of Bakersfield, was arrested today after being indicted on February 14, 2013 by a federal grand jury on three counts of structuring cash transactions, U.S. Attorney Benjamin B. Wagner announced.

According to the indictment, from January 2010 through July 2012, Jaramillo cashed more than 50 checks from his gardening business at Valley Republic Bank in Bakersfield. All the checks were $10,000 or less in order to prevent, or attempt to prevent, the bank from filing a Currency Transaction Report (CTR) on those transactions. In 2010 and 2011, Jaramillo did not declare the structured cash payments on his federal tax returns.

"To purposely circumvent the federal laws within the Bank Secrecy Act and avoiding the filing of a CTR is a criminal violation that will be vigorously investigated by law enforcement" said Internal Revenue Service-Criminal Investigation (IRS-CI) Special Agent in Charge Jose M. Martinez.

This case is the product of an investigation by the Central California Financial Crimes Task Force (CCFCTF), which is dedicated to investigating and prosecuting money laundering and financial reporting crimes in the San Joaquin Valley. CCFCTF is led by the Internal Revenue Service, Criminal Investigations (IRS-CI), with participation from the Department of Homeland Security, Homeland Security Investigations (HSI), the Bakersfield Police Department, the Fresno Police Department and the Kern County District Attorney’s Office. Assistant United States Attorney Grant B. Rabenn is prosecuting the case.

If convicted, Jaramillo faces a maximum statutory penalty of 10 years in federal prison and a $500,000 fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations, and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.
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