Bakersfield Business Owner Pleads Guilty To Structuring Over $1 Million In Bank Deposits
FRESNO, Calif. — Michael Seguine, 63, of Bakersfield, pleaded guilty today to structuring cash deposits, United States Attorney Benjamin B. Wagner announced.
Seguine is the owner of Mike’s Coin & Stamp in Bakersfield. According to court documents, from July 2009 to May 2012, Seguine made a series of cash deposits in amounts less than $10,000 for the purpose of avoiding regulations that require banks to report all deposits over $10,000. The total amount Seguine structured during that time was between $1 million and $2.5 million.
In a related civil forfeiture action, Seguine agreed to forfeit approximately $305,000 to the United States.
This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Bakersfield Police Department. Assistant United States Attorney Michael G. Tierney is prosecuting the case.
Seguine is scheduled to be sentenced by United States District Judge Lawrence J. O’Neill on January 26, 2015. Seguine faces a maximum statutory penalty of up to five years in prison and a $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory sentencing factors and the Federal Sentencing Guidelines, which take into account a number of variables.