Hazard Woman Accused Of Illegally Structuring Millions Of Dollars In Bank Deposits

(WTVQ-TV, LLC)
(WTVQ-TV, LLC)
Reported by: Tom Kenny
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 2/15/2013 7:19 pm

Federal prosecutors said a Hazard woman is accused of illegally structuring deposits totaling millions of dollars to avoid federal reporting requirements.

Lois Elaine Smith, 52, was indicted Thursday by a Covington grand jury for the charge of currency structuring.

The indictment alleges that Smith structured $4,044,180 by making deposits under $10,000 into a People’s Bank and Trust Company in Hazard.

Smith allegedly deposited this money from February 14, 2008 until June 5, 2010.

Under federal law, financial institutions such as banks are required to report to the federal government any currency deposit, withdrawal, or exchange over $10,000.

It is a violation of federal law to intentionally structure transactions in a way that avoids reporting requirements.

Kerry B. Harvey, United States Attorney for the Eastern District of Kentucky, and Christopher A. Henry, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, jointly made the announcement Friday.

The investigation preceding the indictment was conducted by the Internal Revenue Service (IRS).

The indictment was presented to the grand jury by Assistant United States Attorney Robert K. McBride.

Smith’s appearance before the United States District Court has not yet been set by the Court in Covington.

If convicted, Smith faces a maximum penalty of 5 years in prison and a fine of $250,000.

However, any sentence following conviction would be imposed by the court after consideration of the United States Sentencing Guidelines and the federal statute governing the imposition of sentences.

The indictment of a person by a grand jury is an accusation only, and that person is presumed innocent until proven guilty.


Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
Most Popular
UK Criticized For Not Notifying High School Students Of Controversial Guest Speaker
Teachers, students and parents from duPont Manual High School said they were outraged that the University of Kentucky didn't tell them that the guest speaker at their awards ceremony was a controversial write-in U.S. Senate candidate with an anti-Semitic platform. Video Video
School bookkeeper charged with embezzling funds
A former bookkeeper at Saint Gabriel the Archangel Church and School in Louisville has been charged with embezzling $83,191 in funds from the parish by means of wire fraud.
iPhone Campers Evacuated, Mall Searched For Reported Armed Suspect
Lexington Police made campers for the newest iPhone leave their spots in line outside Fayette Mall Thursday night after reports of a man with a gun in the area. Video Video
Louisville woman loses state fair blue ribbon
The Louisville woman whose prize-winning recipe for buttermilk pie featured a store-bought crust has lost her blue ribbon.
Former Kentucky Republican Leader Dies
Former Kentucky gubernatorial press secretary and congressional aide Larry Van Hoose has died in Florida. He was 76.
Inergize Digital This site is hosted and managed by Inergize Digital.
   

WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.