GI Man Sentenced for Structuring Transactions to Avoid Reporting to IRS
By Emily Roehler, Weekend Meteorologist - bio | email
A Grand Island man has been sentenced to five years of probation and ordered to pay a $50,000 fine for structuring currency transactions to avoid reporting them to the IRS.
Senior United States District Court Judge Richard G. Kopf handed down the sentence to 60-year-old Randy Evans and also ordered the forfeiture of $32,702.85 in addition to a $100 special assessment.
Evans is the owner of RCE Investments, Inc., doing business as Randy Auto Sales in Grand Island.
Between January 4, 2010 and February 28, 2012, Evans deposited and directed deposits in a bank account of Randy's Auto Sales at Five Points Bank.
Evans was aware that all transactions in excess of $10,000 must be reported in accordance with federal law. In order to avoid this, Evans intentionally structured deposits with Five Points Bank to be below the cap of $10,000.
During the period in question, Evans' structured transactions totaled between $1,000,000 and $2,030,322.22. This includes $32,702.85 seized by the United States from a bank account controlled by Evans at Five Points Bank during the investigation.
"The use of cash is legal; however, structuring cash transactions to evade federal reporting requirements is illegal," said Sybil Smith, special agent in charge of IRS Criminal Investigation.
"Individuals who engage in this type of activity run the risk of a possible prison sentence, a monetary forfeiture and/or fine," said Smith.
This case was investigated by IRS Criminal Investigations.