Franklinton Man Sentenced for Structuring Over $100,000 in Financial Transactions
U.S. Attorney Kenneth A. Polite announced that JERRY COX, age 72, of Franklinton, was sentenced today after previously pleading guilty to structuring financial transactions to avoid federal reporting requirements.
U.S. District Judge Nannette Jolivette Brown sentenced COX to five years probation and a $100 special assessment. In October 2015, COX pled guilty and cooperated with the United States, including testifying in the trial of United States v. Walter and Steven Reed.
According to court documents, 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, namely the obligation of financial institutions to report currency transactions over $10,000. COX did so as part of a pattern of activity totaling $102,050 in a twelve-month period. Specifically, COX caused a series of seven withdrawals on September 20, 2011, September 24, 2011, two on September 27, 2011, September 30, 2011, October 4, 2011, and October 11, 2011, in amounts between $7,650 and $9,500. COX used the Resource account to conduct seven additional withdrawals in the manner, and for the same purpose of avoiding reporting requirements, between July 24, 2012, and August 4, 2012, totaling approximately $39,900. COX was aware of the reporting requirements, and he engaged in the withdrawals to avoid causing the banks to generate reports.
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 was in charge of the prosecution.