burlington county woman admits trying to hide cash
FOR IMMEDIATE RELEASE
October 15, 2012
TRENTON, N.J. – A Burlington County, N.J., woman today admitted making cash deposits totaling more than $700,000 in individual deposits of less than $10,000 in order to avoid having banks file a report on her deposits, U.S. Attorney Paul J. Fishman announced.
Sandra Mastoris, 57, of Chesterfield, N.J., pleaded guilty today before U.S. District Judge Joel A. Pisano in Trenton to an Indictment that charged her with structuring over $700,000 in cash deposits in 2008-2009.
According to documents filed in this case and statements made in court:
By the beginning of 2008, Mastoris had accumulated a cash hoard of more than $700,000. Beginning in May 2008 and continuing in 2009, Mastoris deposited that cash hoard in amounts of less than $10,000 because she was aware that banks were required to report cash transactions that involved amounts of more than $10,000, and she wanted to avoid having the banks file such reports. Making deposits of cash in amounts of less than $10,000 in order to avoid having banks file Currency Transaction Reports constitutes the criminal offense of “structuring.”
Mastoris made cash deposits into 13 different accounts at five different banks. Between May 1, 2008, and December 31, 2009, Mastoris made more than 200 cash deposits of less than $10,000 into accounts at JPMorganChase, Bank of America, PNC Bank, Sovereign Bank and Grand Bank. On Aug. 29, 2008, for example, Mastoris made cash deposits of $9,900 into an account at the Bank of America, $5,000 into one account at JPMorganChase, $4,500 into a second account at JPMorganChase, and $8,500 into an account at PNC Bank.
The Indictment to which Mastoris pleaded guilty charges that she structured more than $700,000 in total and that she structured more than $100,000 within a 12-month period between June 27, 2008, and June 27, 2009. The count is punishable by a maximum potential penalty of 10 years in prison and a $500,000 fine. Sentencing is scheduled for Feb. 15, 2013.
U.S. Attorney Fishman credited special agents of IRS–Criminal Investigation, under the direction of Acting Special Agent in Charge Shantelle P. Kitchen in Newark, with the investigation leading to today’s guilty plea.
The government is represented by Assistant U.S. Attorney Bohdan Vitvitsky of the U.S. Attorney’s Office Economic Crimes Unit.
Defense Counsel: Vincent P. Sarubbi Esq., Haddonfield, N.J.