States Attorney's Office District of Connecticut
|February 16, 2010||
NEW HAVEN MAN WHO STRUCTURED CASH TRANSACTIONS IS SENTENCED
Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that NICHOLAS DELMARO, 28, of New Haven, was sentenced today by Senior United States District Judge Ellen Bree Burns in New Haven to two years of probation for structuring cash transactions. Judge Burns also ordered DELMARO to pay a fine in the amount of $5000, and to forfeit $250,000 to the Government. On December 4, 2009, DELMARO pleaded guilty to one count of currency structuring.
Federal law requires all financial institutions to file a Currency Transaction Report (CTR) for currency transactions that exceed $10,000. To evade the filing of a CTR, individuals will often structure their currency transactions so that no single transaction exceeds $10,000. Structuring involves the repeated depositing or withdrawal of amounts of cash less than the $10,000 limit, or the splitting of a cash transaction that exceeds $10,000 into smaller cash transactions in an effort to avoid the reporting requirements. Even if the funds are derived from legitimate means, financial transactions conducted in this manner are still in violation of federal criminal law.
According to court documents and statements made in court, between approximately June 19, 2007 and October 17, 2008, DELMARO made numerous cash withdrawals from an account he maintained at People’s Bank. DELMARO has admitted that he purposely kept the amounts of these withdrawals under $10,000, knowing that if the amounts were greater than $10,000, the bank would be required to file a CTR with the Internal Revenue Service.
For example, on August 25, August 26, and August 27, 2008, DELMARO made cash withdrawals from his People’s Bank account in the amounts of $9,800, $9,900 and $9,800, respectively.
As part of his plea agreement, DELMARO agreed to forfeit $250,000, which was seized during the course of the investigation.
This case was investigated by the Internal Revenue Service – Criminal Investigation Division and was prosecuted by Assistant United States Attorney James G. Genco.
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