States Attorney's Office District of Connecticut
|May 14, 2010||
NEW YORK MAN ADMITS STRUCTURING CASH TRANSACTIONS AT CENTRAL CONNECTICUT BANKS
David B. Fein, United States Attorney for the District of Connecticut, announced that MICHAEL DONNELL BOND, 36, of Brooklyn, New York, pleaded guilty today before United States Magistrate Judge Joan G. Margolis in New Haven to one count of structuring financial transactions to evade reporting requirements.
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 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 deposited funds are derived from a 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 1996 and 2006, BOND worked as a personal assistant to an individual, identified in court documents as “Person A.” In that capacity, BOND was responsible for taking care of Person A’s personal matters, including attending to banking needs. On April 26, 2007, Person A was successful at the Foxwoods Resort Casino and cashed out approximately $121,300 in U.S. currency. Person A later traveled to a New York club and met BOND, who was no longer employed by Person A but still maintained a personal relationship with him. Person A gave the $121,300 in U.S. currency to BOND, who told Person A he would deposit it into the bank for him.
On April 27 and April 30, 2007, BOND structured $79,100 of the cash he received by making eight deposits in amounts ranging from $9,500 to $10,000 into Person A’s account at various branches of Citizen’s Bank in Durham, Middletown, and Cromwell, Connecticut. Also, on April 30, 2007, BOND structured additional cash deposits in amounts less than $10,000 into his personal bank account at Washington Mutual Bank in Brooklyn, New York, and received checks payable to Person A from the bank. BOND has admitted that he knew that banks were required to issue a report for a transaction in excess of $10,000, and that he purposely kept the cash deposits in amounts at or below $10,000 because he did not want the banks to complete the required reporting forms, and did not want people inquiring about the source of the cash.
BOND is scheduled to be sentenced by Senior United States District Judge Ellen Bree Burns on August 3, 2010, at which time he faces a maximum term of imprisonment of five years and a fine of up to $250,000. He is currently on bond awaiting sentencing.
This case is being investigated by the Internal Revenue Service – Criminal Investigation and is being prosecuted by Assistant United States Attorney Peter S. Jongbloed.
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