LEXINGTON, KY - The owner of a car dealership in Lexington was indicted today for depositing hundreds of thousands of dollars in an illegal manner to avoid federal reporting requirements.
A grand jury in Lexington returned an indictment Thursday charging Mona Nabil Shalash, 24, for structuring currency. Shalash owns Auto Select, LLC.
The Indictment alleges that in a two year period, Shalash deposited approximately $410,498.00 in a way that allowed her to avoid federal reporting requirements.
Under federal law, financial institutions such as banks are required to file a currency transaction report (CTR) for any deposit, withdrawal, or exchange of cash over $10,000. A CTR includes basic details of the transaction. It is a violation of federal law to intentionally structure cash transactions in a way that avoids the $10,000 reporting requirement.
Kerry B. Harvey, United States Attorney for the Eastern District of Kentucky, and Christopher A. Henry, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, jointly made the announcement.
The investigation preceding the Indictment was conducted by the Internal Revenue Service. The Indictment was presented to the grand jury by Assistant United States Attorney Elisabeth Brown.
Shalash’s appearance before the United States District Court has not yet been set. If convicted, Shalash faces a maximum prison sentence of five years. However, any sentence following conviction would be imposed by the court after consideration of the United States Sentencing Guidelines and the federal statute governing the imposition of sentences.
The indictment of a person by a grand jury is an accusation only, and that person is presumed innocent unless proven guilty