CAR DEALERSHIP FORFEITS $400,000 FOR IMPROPER STRUCTURING OF FINANCIAL TRANSACTIONS
WEDNESDAY MAY 04, 2011
Public Affairs Officer
CINCINNATI -- Discover Motors, Inc., located in Hamilton, Ohio, was sentenced to civilly forfeit $413,689.63 for structuring financial transactions with a domestic financial institution in an attempt to evade the Currency Transaction Report (CTR) reporting requirements.
Discover Motors, Inc. pleaded guilty on December 1, 2010 to one count of structuring.
Carter M. Stewart, United States Attorney for the Southern District of Ohio, Jose A. Gonzalez, Special Agent in Charge, Internal Revenue Service Criminal Investigation, Cincinnati Field Office, and Mark Porter, Special Agent in Charge, U.S. Secret Service, announced the sentence handed down by Senior U.S. District Judge Herman J. Weber.
According to court documents, Discover Motors, Inc. opened a business checking account at Fifth Third Bank in 1989. This account was open until at least December 2009. Between December 2007 and August 2009 David Wilson, acting on behalf of Discover Motors, Inc., or another individual empowered to act on behalf of the corporation, made currency deposits into this account.
In 2000 Wilson and another individual opened a personal checking account at Fifth Third Bank. Wilson, or another individual empowered to act on behalf of Discover Motors, Inc. deposited cash generated by legitimate business of Discover Motors, Inc. into this account. Between July 2009 and August 2009 Wilson, acting on behalf of Discover Motors, Inc., or another individual empowered to act on behalf of the corporation, made ten currency deposits into this account.
All of the aforementioned deposits were made below the reporting threshold in order to avoid the currency reporting requirements, about which Wilson, acting in his scope of employment and on behalf of Discover Motors, Inc., knew. Discover Motors, Inc. accepted and acknowledged that it is responsible for the criminal acts of structuring.
This case was prosecuted by Assistant United States Attorneys Anne L. Porter and Kevin Tierney and was investigated by special agents of IRS-Criminal Investigation, the U.S. Secret Service and members of a financial investigative task force which includes officers and deputies with the Hamilton and Cincinnati police departments and the Hamilton County Sheriff’s Office.
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