CHESHIRE WOMAN ADMITS STRUCTURING CASH TRANSACTIONS
David B. Fein, United States Attorney for the District of Connecticut, announced that DELLA LIEN, 70, of Cheshire, pleaded guilty today before United States Magistrate Judge Donna F. Martinez in Hartford to one count of structuring currency 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 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 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, from March 2007 through June 2009, LIEN made 14 cash deposits in increments ranging from $8,000 to $9,750, and totaling $125,010, into various accounts she held at Webster Bank. At the time, LIEN knew that the bank was required to issue a report for a currency transaction in excess of $10,000, and that by conducting her financial transactions in amounts less than $10,001, she intended to evade the transaction reporting requirements.
In pleading guilty, LIEN also admitted that, between April 2006 and October 2009, she structured an additional $281,763 in cash deposits at banks in New York.
LIEN is scheduled to be sentenced by Chief United States District Judge Alvin W. Thompson on January 13, 2012, at which time LIEN faces a maximum term of imprisonment of five years and a fine of up to $250,000. LIEN also has agreed to forfeit $125,010 that has previously been seized by the Internal Revenue Service pursuant to a court order.
This matter was investigated by the Internal Revenue Service – Criminal Investigation. The case is being prosecuted by Assistant United States Attorney Peter S. Jongbloed.
PUBLIC AFFAIRS CONTACT:
U.S. ATTORNEY'S OFFICE