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Department of Justice United States Attorney Candace G. Hill Contact: Dawn Masden |
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October 5, 2009
LOUISVILLE MAN PLEADS GUILTY TO STRUCTURING BANK DEPOSITS
LOUISVILLE, KY - Edward Musselman, age 57, of Louisville, Kentucky, pleaded guilty on October 1, 2009, to a felony Information filed by the United States Attorney charging him with structuring bank deposits to evade reporting requirements, United States Attorney Candace G. Hill of the Western District of Kentucky announced today.
According to the Information filed in the case, Musselman structured U.S. currency deposits into his BB&T account, in Louisville. Musselman admitted that on eight consecutive business days in August 2008, he made sixteen cash deposits into his business bank account, each in the amount of $4,500. He admitted that the reason he made the deposits in this manner was to evade the federal currency transaction reporting requirement. He agreed to forfeit approximately $2,617.00 as money involved in structuring.
Federal law requires that every domestic financial institution which engages in a currency transaction over $10,000 file a report with the Internal Revenue Service furnishing the identity and address of the person engaging in the transaction and the amount of the currency involved in the transaction. “Structuring” a transaction to evade the federal reporting requirement is a felony offense. Structuring refers to the breaking up of a single transaction above the reporting threshold into two or more separate transactions for the purpose of evading a financial institution’s reporting requirement.
The case is being prosecuted by Special Assistant United States Attorney Khalid A. Kahloon and it was investigated by the Internal Revenue Service.
The plea was entered before Magistrate Judge Dave Whalin, United States District Court, Louisville, Kentucky. The maximum potential penalties include 5 years’ imprisonment, a $250,000 fine, and 3 years’ supervised release. There is no parole in the federal system.
Mussulman is tentatively scheduled to be sentenced before Judge Charles R. Simpson III, United States District Court, on January 11, 2010, at 2:30 p.m., in Louisville, Kentucky.
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