A press release from the U.S. Attorney's office:
Unless there's more to the story, this seems awfully harsh. This Lee County businessman would have gotten off with a lighter (potential) sentence had he only been dealing drugs to kids.
LEE COUNTY BUSINESSMAN PLEADS GUILTY TO CURRENCY STRUCTURING - Agrees to Forfeit $125,000United States Attorney John L. Brownlee announced today that LOUIS GALLOWAY, 68, Pennington Gap, Virginia, owner of J & L Bit Grinding Services, a mining equipment sales and service business, pleaded guilty in United States District Court in Abingdon to one count of structuring currency transactions. According to court documents and statements made during the guilty plea hearing, between July 27 and November 8, 2006, GALLOWAY made 25 deposits of $5,000 each into accounts at a Pennington Gap bank after being informed of the federal law requiring the reporting of currency transactions in excess of $10,000 and with the intent to evade such reporting requirements. According to information provided during the guilty plea hearing, these funds were the lawful proceeds of GALLOWAY’s business and were used lawfully to purchase certificates of deposit.
Pursuant to a plea agreement, GALLOWAY agreed to forfeit the $125,000 involved in the crime. He also faces a statutory maximum penalty of 5 years in prison and a $250,000 fine, together with a period of supervised release, when he is sentenced January 14, 2008.
The case was investigated by the Bristol office of Internal Revenue Service Criminal Investigation. Assistant United States Attorney Rick Mountcastle was the prosecutor. (link)
$375,000 and five years. For doing what many of us would like to do - keep the IRS out of our shorts.