| FOR IMMEDIATE RELEASE September 24, 2008 WWW.USDOJ.GOV/USAO/CAN |
SAN FRANCISCO – United States Attorney Joseph P. Russoniello announced that Daniel King was sentenced on September 15, 2008 to 18 months in prison, followed by three years of supervised release, for structuring cash transactions for the purpose of evading financial institution reporting requirements.
Mr. King pleaded guilty on June 30, 2008 to one count of structuring. According to court documents, Mr. King was a high volume cocaine trafficker in the mid-1990's. In 1996, Mr. King purchased a $1.15 million residence in Saratoga with money derived from his cocaine trafficking activities. Mr. King further engaged in numerous other financial activities with the proceeds of his drug trafficking conduct, including the purchase of vehicles and structuring approximately $755,460 in drug proceeds to avoid bank reporting requirements. The government seized $233,500 of these drug proceeds in the late 1990's pursuant to seizure warrants. Following these seizures, King left the United States for a year. When he returned in 1999, he lived under a false name in Texas for a number of years. Mr. King was not apprehended until March of 2008, primarily because of his use of a false name to conceal his true identity.
In pleading guilty, Mr. King admitted that between October 1995 and December 1996, he knowingly structured cash transactions into several bank accounts under his control in the San Jose area. He deposited cash in amounts of less than $10,000 into accounts under his name or under the name of Carole King. Mr. King also purchased money orders in an amount of less than $10,000 with the same objective in mind. His purpose in structuring the cash transactions and purchasing money orders was to avoid financial institution reporting requirements since he knew that these cash deposits and money order purchases consisted of funds which were the proceeds of cocaine trafficking.
Mr. King, age 67, then a resident of Saratoga, California, was indicted by a federal Grand Jury on March 21, 2001. He was charged with nine counts of structuring transactions to evade the reporting requirements in violation of Title 31 U.S.C. §5324(a)(3) and Title 18 U.S.C. §2.
Jeff Nedrow is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Susan Kreider. The prosecution is the result of an investigation by the Internal Revenue Service - Criminal Investigation.
Further Information:
Case #: CR 01-20048-JW
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