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Justice News

Department of Justice
U.S. Attorney’s Office
Middle District of Florida

FOR IMMEDIATE RELEASE
Tuesday, February 2, 2016

Naples Man Sentenced For Conspiracy To Commit Structuring

Fort Myers, Florida – U.S. District Judge John E. Steele has sentenced Sydney Jackson Williams, Jr. to one year and a day in federal prison for structuring financial transactions.  As part of his sentence, the Court also entered a money judgment in the amount of $332,500.00, the proceeds traceable to the offense.  Williams will be jointly and severally liable for the amount of the money judgment, along with his wife and co-defendant, Lorie Ann Williams, who was sentenced last week.

According to court documents, subsequent to two civil lawsuits being brought against him, Williams transferred more than $3 million in joint marital assets into an account in his wife’s name. Soon thereafter, Williams and his wife began withdrawing funds from the account in structured cash withdrawals. Between March 3, 2010, and April 22, 2010, $332,500 was withdrawn from the account in 35 separate withdrawals of $9,500 each.

Ultimately, on September 30, 2010, Sydney Jackson Williams, Jr. filed a Chapter 11 bankruptcy petition with the United States Bankruptcy Court in the Middle District of Florida. 

Pursuant to the Bank Secrecy Act, financial institutions are required to file a "Currency Transaction Report" with the United States Treasury Department for each financial transaction that involves United States currency in excess of $10,000. These transactions include deposits, withdrawals, check cashing, or other transactions involving the physical transfer of currency from one person to another.

This case was investigated by the Internal Revenue Service and the Federal Bureau of Investigation.  It is being prosecuted by Assistant United States Attorneys Yolande G. Viacava and Charles D. Schmitz.

Topic: 
Financial Fraud
Tax
Updated February 4, 2016