Grand Island Man Sentenced for Structuring Bank Transactions to Evade Reporting Requirements
United States Attorney Deborah R. Gilg announced that Senior United States District Court Judge Richard G. Kopf sentenced Randy Evans, age 60 of Grand Island, Nebraska, to 5 years of probation, a $50,000.00 fine, and ordered the forfeiture of $32,702.85. In addition, Evans must pay a $100 special assessment.
Randy L. Evans is the owner of RCE Investments, Inc., doing business as Randy Auto Sales, located in Grand Island, Nebraska. Between January 4, 2010 and February 28, 2012, Randy Evans deposited and directed currency deposits in a bank account of Randy’s Auto Sales at Five Points Bank, a financial institution as defined by federal law. Evans was aware of the financial institution’s legal obligation to report currency transactions in excess of $10,000. During the period set forth in the Indictment, Evans intentionally structured, and caused to be structured, currency deposits with Five Points Bank in amounts under $10,000, in order to evade the reporting requirements of federal law. During the period in question, Evans structured, and caused to be structured, currency transactions totaling between $1,000,000 and $2,030,322.22, including $32,702.85 seized by the United States from a bank account controlled by Evans at Five Points Bank during this investigation.
“The use of cash is legal, however, structuring cash transactions to evade federal reporting requirements is illegal,” said Sybil Smith, Special Agent in Charge of IRS Criminal Investigation. “Individuals who engage in this type of activity run the risk of a possible prison sentence, a monetary forfeiture and/or fine.”
This case was investigated by IRS Criminal Investigations.