Franklinton Man Charged with Structuring Over $100,000 in Financial Transactions to Avoid Federal Reporting Requirements
U.S. Attorney Kenneth A. Polite announced that JERRY COX, age 72, of Franklinton, was charged in a one-count Bill of Information with structuring financial transactions to avoid federal reporting requirements.
According to the Bill of Information, in September 2011, COX made, and caused to be made, a series of cash withdrawals from Citizens Savings Bank and Resource Bank that were designed to evade certain reporting requirements under federal law. COX did so as part of a pattern of activity involving more than $100,000 in a twelve-month period. Specifically, COX caused a series of seven withdrawals between September 20, 2011 and October 11, 2011, in amounts between $7,650 and $9,500.
If convicted, COX faces a maximum term of not more than ten years in prison, followed by up to three years of supervised release, and a $250,000 fine.
U.S. Attorney Polite reiterated that the Bill of Information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.
U.S. Attorney Polite praised the work of the Internal Revenue Service – Criminal Investigation and the Federal Bureau of Investigation in investigating this matter. Assistant United States Attorney Jordan Ginsberg is in charge of the prosecution.