News and Press Releases

Kittery Man Pleads Guilty to Structuring Cash Transactions

FOR IMMEDIATE RELEASE
January 21, 2014

Contact: Julia M. Lipez
Assistant United States Attorney
Tel: (207) 780-3257

Portland, Maine: United States Attorney Thomas E. Delahanty II announced today that
John W. Price, 58, of Kittery, Maine pleaded guilty today in U.S. District Court to structuring
over $157,000 in cash transactions to evade federal cash transaction reporting requirements.
Under federal law, financial institutions that dispense more than $10,000 in cash to a
customer are required to report the transaction to the Internal Revenue Service
(IRS). Structuring occurs when a customer breaks up cash withdrawals into multiple increments
of less than $10,000, to avoid the cash transaction reporting requirement.

Court records reveal that between 2008 and 2010, Price, the owner of J.P.’s Shellfish, a
seafood distributor in Eliot, Maine, directed his employees who withdrew cash from the J.P.’s
Shellfish business bank account to pay for lobsters not to withdraw more than $10,000 in cash at
any one time, so as to avoid the cash transaction reporting requirement.

Price faces up to 5 years in prison and a $250,000 fine on each of the 12 counts. He will
be sentenced after the completion of a presentence investigation report by the United States
Probation Office.

The charges are the result of a collaborative investigation conducted by the IRS, the
National Oceanic and Atmospheric Administration Office of Law Enforcement, and the Knox
County Sheriff’s Office.

 

 

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