Williamsburg Gun Business Pleads Guilty to Illegally Structuring Financial Transactions
Contact: Peter Deegan
A Williamsburg gun business that illegally structured financial transactions pled guilty on Monday, July 30, 2012, in federal court in Cedar Rapids.
Michael Gabriel, LLC, located in Williamsburg, Iowa, was convicted of one count of illegally structuring monetary transactions. Michael Gabriel, LLC, formerly did business as Gabe’s Gun Shop, LLC.
In a plea agreement, Michael Gabriel, acting on behalf of Michael Gabriel, LLC, admitted company personnel structured business transactions to avoid reporting requirements. The transactions were structured so that no deposits over $10,000.00 were made between January 2007 and September 2010. The purpose of the structuring was to avoid financial reporting requirements. In February of 2011, agents from the United States Internal Revenue Service executed a search warrant at the business and seized funds in business accounts.
Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared. Michael Gabriel, LLC, faces a possible sentence of 1 to 5 years’ probation, a $500,000.00 fine, and a $400.00 special assessment. The corporation has also agreed to forfeit $374,950.00.
The case is being prosecuted by Assistant United States Attorney Matthew Cole and was investigated by the United States Internal Revenue Service.
Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl. The case file number is 12-CR-51.