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Wednesday, October 29, 2014

Texas Electronics Business Sentenced for Violating Cash Reporting Requirement

A Texas electronics business was ordered today to forfeit more than $1.3 million for failing to report that amount in cash transactions to the IRS, announced Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division.

D-Tronics, a McAllen, Texas, electronics business, was sentenced today by U.S. District Judge Micaela Alvarez of the Southern District of Texas for failing to file an IRS Form 8300 corresponding to a cash transaction of more than $10,000.  In addition, in accordance with its plea agreement, D-Tronics will forfeit more than $1.350 million, which represents the amount of unreported currency.  The forfeiture is among the highest against a trade or business for violating the Form 8300 filing requirement.  A Form 8300 filing is required to be filed when anyone engaged in trade or business receives more than $10,000 in U.S. currency in one or two or more related sales transactions.

In addition, Pedro Diaz, 45, the owner of D-Tronics, was sentenced to one year of probation for failing to supply information concerning foreign bank accounts in which he had an interest.  Both Diaz and D-Tronics entered guilty pleas in July 2014.

The case was investigated by the Internal Revenue Service – Criminal Investigation and prosecuted by Trial Attorney Keith Liddle in the Money Laundering and Bank Integrity Unit of the Criminal Division’s Asset Forfeiture and Money Laundering Section. 

Press Release Number: 
Updated October 29, 2014