COVINGTON, KY - A Hazard, KY., woman is accused of illegally structuring deposits totaling millions of dollars to avoid federal reporting requirements.
Lois Elaine Smith, 52, was indicted Thursday by a Covington grand jury for the charge of currency structuring.
The indictment alleges that Smith structured $4,044,180 by making deposits under $10,000 into a People’s Bank and Trust Company in Hazard. Smith allegedly deposited this money from February 14, 2008 until June 5, 2010.
A Thornton, Ky., man is accused of illegally withdrawing millions in structured increments to avoid federal reporting requirements.
Randall Baker, 57, was indicted Thursday by a Covington grand jury for the charge of currency structuring.
The indictment alleges that Baker structured $4,756,456 by withdrawing the money in under $10,000 increments from Community Trust Bank in Letcher County. Baker allegedly withdrew this money from February 14, 2008 until January 26, 2012.
An Erlanger, Ky., man is accused of illegally structuring deposits totaling more than $200,000 to avoid federal reporting requirements. Richard G. Adams, 66, was indicted on Thursday for currency structuring.
The indictment alleges that Adams structured $209,000 by making numerous deposits in amounts under $10,000 into a Fifth Third Bank account in Erlanger. Adams allegedly deposited this money from April 25, 2011 to October 13, 2011.
Under federal law, financial institutions such as banks are required to report to the federal government any currency deposit, withdrawal, or exchange over $10,000. It is a violation of federal law to intentionally structure transactions in a way that avoids reporting requirements.
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 today.
The investigation preceding the indictment was conducted by the Internal Revenue Service (IRS). The indictment was presented to the grand jury by Assistant United States Attorney Robert K. McBride.
Smith’s, Baker's and Adams's appearances before the United States District Court has not yet been set by the Court in Covington. If convicted, Smith, Baker and Adams face a maximum penalty of 5 years in prison and a fine of $250,000. 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.