Franklinton Man Pleads Guilty to Structuring Over $100,000 in Financial Transactions in One Year to Avoid Federal Reporting Requirements

U.S. Attorney Kenneth A. Polite announced that JERRY COX, age 72, of Franklinton, pled guilty today to a one-count Bill of Information charging him with structuring financial transactions to avoid federal reporting requirements.

According to court documents, COX had control and access to several financial accounts, including one at Resource Bank and one at Citizen Savings Bank.  Over the course of two occasions—one between September 20, 2011, and October 11, 20111, and another between July 24, 2012, and August 4, 2012—COX engaged in a series of deposits and withdrawals designed to evade Currency Transaction Reporting requirements under federal law.  COX was aware of the reporting requirements.  Specifically, during the first occasion, COX engaged in seven financial transactions, each under $10,000, in which he withdrew a total of $62,150.  During the second time period, COX engaged in seven additional transactions, each under $10,000, in which he withdrew a total of $39,900.  In total, COX engaged in structured withdrawals in the amount of $102,050 between September 20, 2011 and August 4, 2012, in amounts and in a pattern designed to avoid the Currency Transaction Reporting requirements.

COX faces a maximum term of imprisonment of not more than 10 years in prison, followed by up to 3 years of supervised release, and a $250,000 fine.  U.S. District Judge Nannette Jolivette Brown set sentencing for January 28, 2016.

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.