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

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(WTVQ-TV, LLC)
Reported by: Tom Kenny
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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.


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