Dennis Hastert Charged with Structuring Bank withdrawals

[planosteve]

He's also accused of lying to the FBI

(CHICAGO)—Federal prosecutors announced bank-related charges against former U.S. House Speaker Dennis Hastert on Thursday, accusing the 73-year-old Illinois Republican of structuring the withdrawal of $952,000 in cash in order to evade the requirement that banks report cash transactions over $10,000. He’s also accused of lying to the FBI.

Each count of the indictment carries a maximum penalty of 5 years in prison and a $250,000 fine, according to a statement from the U.S. attorney’s office in Chicago.

From 2010 to 2014, Hastert withdrew a total of approximately $1.7 million in cash from various bank accounts and provided it to a person identified only as Individual A, according to the indictment.

In December last year, “Hastert falsely stated that he was keeping the cash” when questioned by the FBI, the prosecutor’s statement says.

Hastert, a former high school wrestling coach, was a little known lawmaker from suburban Chicago when chosen to succeed conservative Newt Gingrich. Hastert was picked after favored Louisiana Congressman Bob Livingston resigned after admitting to several sexual affairs.

As speaker, Hastert pushed President George W. Bush’s legislative agenda, helping pass a massive tax cut and expanding Medicare prescription drug benefits.

He retired from Congress in 2007 after eight years as speaker.

[url]http://time.com/3900758/dennis-hastert-indicted/
[/url]

[ann jusko]

They make get me for that. I just make sure deposits and withdrawals are $9,000.

[grouchy]

What do you think the odds are that individual A is a woman? I betting yes.

[Red Oak]

Dems sending a message to lay off Hitlery ?

[Red Oak]

Not that the RINO isn't guilty, all Illinois elected officials are required to be crooks, regardless of political affiliation.

[planosteve]

They make get me for that. I just make sure deposits and withdrawals are $9,000.

The crime of "Structuring" includes making withdrawals of less than $10,000 for the purpose of avoiding the reporting requirement. They can seize you bank account until you can prove you didn't structure your withdrawals.

[bodine]

The Feds take money laundering seriously. The official document that records a cash transaction over $10,000.00 is called a CTR; a Currency Transaction Record. Banks generate them by the hundreds; every bank has computer software written to look through all the cash deposits for suspicious transactions. Making $9,000 deposits / withdrawals is one of the flags, because they will track every such deposit/withdrawal you've made. And even if you, the customer doesn't fill out a CTR, the bank can and will fill one out on your behalf, after the fact.

I know two bankers who served jail time for helping customers avoid filing CTRs. I've been interviewed by Treasury agents who questioned customers on the exempt list (retailers can be exempted because of the nature of their business).

Serious stuff. I've seen CTR's done for $3,000.00 transactions. And if you ask a banker how to structure a deposit to avoid filing a CTR, the law says the banker has to do a CTR, regardless of the amount of the deposit.

[planosteve]

Hey Bodine. Do the same rules apply to credit unions?

[RaisinCain]

Yes, I know that CTRs are required on all monetary transactions $10K or over, and if Mr. Hassert didn't obey the law he should be punished just like anyone else.

Having said that, unless the FBI is investigating him for an actual crime (drugs, betting, money laundering, etc) what the hell business is it of theirs how a person spends their money?!? He can throw $100 bills off the top of an overpass or stuff it in bottles and throw it in the ocean if he wants to; it's his cash. Amazing how we can't stop illegals from coming into this country and illegally stripping our resources, but we turn into big-time hard-asses when an old man doesn't withdraw his cash to our liking.

If he's not doing anything illegal with this cash, go catch some real crooks.

[Red Oak]

"what the hell business is it of theirs how a person spends their money?"

It is the FEDGOD's money, says so right on it

[planosteve]

I think the general principle anymore is that the Feds are allowed to consider anyone guilty of anything they like unless and until they can somehow prove themself innocent.

[ralph]

agreed Raisin !! Just heard on FOX that he told the 'FBI' that he was doing it because he doesn't trust the banks and FOX people were making out how that's a crazy thought to not trust the banks .

[BillB]

The "structuring" offense should not exist.
If I have $100,000 in the bank, I should be able to withdraw it in any increments I choose.
If I'm doing something illegal with the money, that's a different story.

[ralph]

agreed , but up to them to prove illegality before any taking of the money .

[Fitzroy]

Land, fine art, precious metals. And lead delivery systems. Are you ready? It's coming.

[planosteve]

Land, fine art, precious metals. And lead delivery systems. Are you ready? It's coming.

What's a "lead delivery system"? I don't think fine art is a very good investment during an economic collapse. It's very illiquid and you can't eat it.

[ralph]

gold and silver , heavy on the small denomination junk USA silver coins . Fine art , can't eat fine art and trading it , well , most people won't know or care if the 'art' is fine or not . It'll probably end up in some officials office . Lead delivery systems are good .

[Red Oak]

I suspect buggery.

[grouchy]

I suspect buggery.

I did not know he is British.

[GFB]

The "structuring" offense should not exist.
If I have $100,000 in the bank, I should be able to withdraw it in any increments I choose.

You can.