ST. LOUIS - James L. Porter, Acting United States Attorney for the Southern District of Illinois, announced today that Song Chong Fulton, 50, of Edwardsville, Illinois, pled guilty today in federal district court in East St. Louis to an Information charging her with the crime of Structuring Financial Transactions to Avoid a Currency Transaction Report.
The charges relate to sixty-four currency deposits that Fulton made into a bank account between January 22, 2014, and August 11, 2015. Under federal law, financial institutions are required to report to the IRS any currency transaction, such as deposits, exceeding $10,000.
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
It is a federal crime to structure financial transactions in such a way as to avoid this reporting requirement. Documents filed with the court indicate that the total amount of deposits made by Fulton during the above period was over $190,000.
The maximum statutory penalties for this offense are 5 years’ imprisonment, a $250,000 fine, or both; 3 years’ supervised release; and a $100 special assessment.
Sentencing is set for May 17, 2016, at 10:30 A.M. before Judge Yandle in Benton, Illinois.
The case was investigated by members of IRS and HHS, and was prosecuted by Assistant United States Attorney Stephen Clark.
