OFFICE OF THE UNITED STATES ATTORNEY
NORTHERN DISTRICT OF WEST VIRGINIA
William J. Ihlenfeld, II
UNITED STATES ATTORNEY
1125 Chapline Street, Federal Building, Suite 3000 ● Wheeling, WV 26003
(304) 234-0100 ● Contact: Fawn E. Thomas, Public Affairs Specialist
July 20, 2011
FOR IMMEDIATE RELEASE
Inwood Resident and Martinsburg Business
Named in Federal Indictment
MARTINSBURG, WEST VIRGINIA — A 45 year old Inwood, West Virginia, resident and a Martinsburg business were named in an Indictment returned on July 19, 2011, by a Federal Grand Jury sitting in Martinsburg, West Virginia.
United States Attorney William J. Ihlenfeld, II, announced that LARRY EUGENE PRESGRAVES, JR. and MARTINSBURG MOTOR SPORT SALES, INC. were named in a 10-count Indictment. Count One of the Indictment alleges that PRESGRAVES deposited currency totaling $318,690.00 into a bank account through transactions that separately totaled less than $10,000.00 during the period commencing on March 3, 2006, through June 28, 2007. The Indictment further alleges that PRESGRAVES falsely stated to Special Agents of the Internal Revenue Service that all of the cash deposited into Martinsburg Motor Sports’ bank account was generated by the store either through sales or services; that he had not heard of a Currency Transaction Report; and that he never structured deposits to avoid the filing of a Currency Transaction Report.
Counts Two through Ten of the Indictment allege that PRESGRAVES and MARTINSBURG MOTOR SPORT SALES knowingly and for the purpose of evading reporting requirements and regulations, unlawfully structured nine transactions with a financial institution.
The Indictment also contains a forfeiture allegation wherein the United States seeks to forfeit property involved in the offenses alleged in the Indictment.
If convicted, PRESGRAVES faces a maximum penalty of five years imprisonment and a fine of $250,000 each on Counts One through Ten of the Indictment; and MARTINSBURG MOTOR SALES faces forfeiture of any traceable property.
The case will be prosecuted by Assistant United States Attorney Michael D. Stein. The case was investigated by the Internal Revenue Service - Criminal Investigation Division.
It should be noted that the charges contained in the Indictment are merely accusations and not evidence of guilt, and that each defendant is presumed innocent until and unless proven guilty.
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