United States Attorney John L. Ratcliffe
Eastern District of Texas
FOR IMMEDIATE RELEASE CONTACT: DAVILYN WALSTON
THURSDAY, AUGUST 16, 2007 PUBLIC INFORMATION OFFICER
WWW.USDOJ.GOV/USAO/txe PHONE: (409) 839-2538
CELL: (409) 553-9881
PORT NECHES MAN GUILTY OF FEDERAL FINANCIAL CRIMES
(BEAUMONT, TX) United States Attorney John L. Ratcliffe announced today that a 39-year-old Port Neches man has pleaded guilty to federal financial crimes in the Eastern District of Texas.
JAMES HAUCK pleaded guilty to one felony count of structuring financial transactions in violation of U.S. Treasury and banking statutes. Hauck was charged by an Information filed by the U.S. Attorney and waived federal grand jury action. Hauck entered his plea this afternoon before U.S. Magistrate Keith Giblin.
According to the Information, Hauck structured transactions at Texas State Bank totaling $479,024.00 between February 2005 and July 2006 for the purpose of evading the reporting requirements of domestic financial institutions such as banks, credit unions and currency exchanges. Such financial institutions are required to file a Currency Transaction Report (CTR) with the Internal Revenue Service for deposits, withdrawals, or other transactions involving cash or currency in excess of $10,000. "Structuring" generally involves making multiple cash transactions in amounts less than $10,000 at multiple banks or different branches of the same bank in the same day or consecutive days for the purpose of avoiding the requirement of a CTR.
Hauck faces up to five years in federal prison, a fine not to exceed $250,000.00, and possible forfeiture of the structured funds. A sentencing date has not been set. Hauck remains released on bond pending sentencing.
The case is being investigated by the North Texas Asset Forfeiture Task Force which is composed of a special investigator from Smith County, detectives from Arlington Police Department, Dallas Police Department, Flower Mound Police Department, and agents from the Internal Revenue Service Criminal Investigation. This case is being prosecuted by Assistant United States Attorney Robert L. Rawls.
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