INDIANAPOLIS -- A Roachdale man has been indicted on 63 federal counts of currency structuring.
A release from the United States District Court, Southern District of Indiana, Indianapolis Division said Steven R. Smith, 45, structured multiple currency transactions to evade reporting requirements under federal law.
The indictment came at the culmination of an investigation by representatives from the Internal Revenue Service's Criminal Investigation Division.
It is alleged that, between 2005 and 2007, Smith "structured transactions using various financial instruments." The total of those transactions, according to the indictment, is more than $650,000.
"Federal law requires that financial institutions that issue or sell bank checks, cashier's checks or money orders to any individual in connection with a currency transaction in excess of $3,000 verify that person's identity and record the verification in the bank's monetary instrument log," the release said. "The indictment alleges that Smith, in order to evade reporting requirements, structured cash business receipts that totaled more than $3,000 in any one business day at numerous financial institutions."
Authorities say Smith used banks in Putnam and Montgomery counties including Farmers State, Tri-County, Old National, First National, North Salem State and National City.
"The indictment further alleges that Smith, on any given day, used cash to purchase between two and five checks, most around $2,900, made payable to suppliers," the release said.
The case against Smith is being prosecuted by Assistant U.S. Attorney Doris L. Pryor. If convicted, Smith could face 10 years in prison and up to $500,000 in fines.
IRS Criminal Investigation Division Special Agent and Public Information Officer Kerry Lynn Hannigan said Smith was not held in jail and that no date had been set for his initial hearing.
That hearing will be held before a U.S. magistrate judge in Indianapolis.