Buy/Sell Shop Owner Pleads Guilty to Breaking up Cash Transactions of over $1.5 Million to Avoid Treasury Reporting Requirements
Transactions Connected to the Sale of Stolen Over-the-counter Medicines, Health and Beauty Aid Products and Other Items
Baltimore, Maryland - Jason Logue, age 37, of Middle River, Maryland, pleaded guilty today to structuring financial transactions of between $1.5 million and $2.5 million in order to avoid federal reporting requirements by breaking up large cash transactions into multiple small withdrawals. As part of his plea agreement, Logue is required to forfeit the assets of his businesses and five bank accounts.
The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Postal Inspector in Charge Daniel S. Cortez of the U.S. Postal Inspection Service - Washington Division; Chief James W. Johnson of the Baltimore County Police Department; Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation; Baltimore Police Commissioner Frederick H. Bealefeld III; and Special Agent in Charge Rebecca Sparkman of the Internal Revenue Service - Criminal Investigation.
According to Logue’s plea agreement, he owned JML Enterprises, Eastern Trade Center, Harford Exchange, Patapsco Exchange, and other entities. From February 2006 to March 2007, Logue made approximately 152 cash withdrawals totaling $1,429,780, from his account at the Bank of American. Logue’s currency transactions ranged from $8,000 to $9,800, all below the $10,000 federal threshold for reporting cash transactions. Logue knowingly caused such structured transactions to avoid reporting requirements in connection with the sale of stolen over-the-counter medications, health and beauty aids, DVDs, tools and other products. Bank of America closed Logue’s account based on this illegal structuring. Logue opened a second account at First Mariner Bank in Maryland, and from July to October, 2007, continued to make structured currency transactions. Officials at First Mariner Bank also closed Logue’s account based on this illegal structuring activity.
Logue faces a maximum sentence of 10 years in prison and a $250,000 fine for structuring financial transactions. U.S. District Judge Benson E. Legg has scheduled sentencing for December 20, 2010 at 12:00 p.m.
United States Attorney Rod J. Rosenstein thanked the U.S. Postal Inspection Service; Baltimore County Police Department; Federal Bureau of Investigation; Baltimore Police Department; and Internal Revenue Service - Criminal Investigation for their work in this investigation and commended Assistant United States Attorneys Kwame J. Manley and Richard Kay, who are prosecuting the case.