Hamilton car dealership pays over $400,000 for improper financia - Cincinnati News, FOX19-WXIX TV

Hamilton car dealership pays over $400,000 for improper financial structuring

HAMILTON, OH (FOX19) -

A car dealership in Hamilton civilly forfeited over $400,000 for structuring financial transactions with a domestic financial institution in an attempt to evade the Currency Transaction Report  reporting requirements.

Discover Motors, Inc. pleaded guilty on December 1, 2010 to one count of structuring, and paid $413,689.63.

According to court documents, Discover Motors, Inc. opened a business checking account at Fifth Third Bank in 1989.  This account was open until at least December 2009.  Between December 2007 and August 2009 David Wilson, acting on behalf of Discover Motors, Inc., or another individual empowered to act on behalf of the corporation, made currency deposits into this account.

In 2000 Wilson and another individual opened a personal checking account at Fifth Third Bank.  Wilson, or another individual empowered to act on behalf of Discover Motors, Inc. deposited cash generated by legitimate business of Discover Motors, Inc. into this account.  Between July 2009 and August 2009 Wilson, acting on behalf of Discover Motors, Inc., or another individual empowered to act on behalf of the corporation, made ten currency deposits into this account.

All of the deposits were made below the reporting threshold in order to avoid the currency reporting requirements, about which Wilson, acting in his scope of employment and on behalf of Discover Motors, Inc., knew.  Discover Motors, Inc. accepted and acknowledged that it is responsible for the criminal acts of structuring.

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