Grand Island Business Sentenced for Structuring Bank Transactions to Evade Reporting Requirements
United States Attorney Deborah R. Gilg announced that United States District Court Judge John M. Gerrard sentenced Gomez, Inc., of Grand Island, Nebraska to serve 5 years of probation and pay a $50,000.00 fine following the company’s conviction for illegally structuring financial transactions. Judge Gerrard also ordered the forfeiture of $10,361.70 and ordered the company to pay a $125.00 special assessment fee.
Between January 5, 2009, and March 30, 2012, Gomez, Inc., doing business as Fourth Street Auto Sales, deposited and directed currency deposits into bank accounts at various financial institutions. Gomez, Inc. and its officers were aware of the financial institution’s legal obligation to report currency transactions in excess of $10,000. During the period set forth in the information, Gomez, Inc., through its officers, intentionally structured and caused to be structured currency deposits to the bank in amounts under $10,000, in order to evade the reporting requirements under federal law. During the period in question, Gomez, Inc. structured and caused to be structured currency transactions totaling between $1,000,000 and $2,082,338, including $10,361.70 seized by the United States as a result of the investigation.
“Structuring financial transactions to avoid currency reporting requirements is a criminal violation of federal law under the Bank Secrecy Act,” said Sybil Smith, Special Agent in Charge of IRS Criminal Investigation. “We are committed to enforcing the law and following the money, wherever it leads.”
This case was investigated by IRS Criminal Investigation.