Roachdale man faces federal charges

Thursday, September 2, 2010

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.

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  • Take note Citizens, this man has done nothing wrong other than to maintain his privacy. In today's society one had best hope not to be stopped with more than 3000 dollars in their pocket. If so they will surely lose the money until such time that they can prove where they got it and that they have paid their taxes on it.

    -- Posted by exhoosier2 on Thu, Sep 2, 2010, at 7:52 AM
  • Sounds like tax evasion to me.

    -- Posted by localman on Thu, Sep 2, 2010, at 9:42 AM
  • "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,"

    Wow... What a "Coincidence" that these transactions would be illegal..... Looks to me that another fine up-standing American got caught up in a crime that he knew nothing about... **** Government making sure people are held accountable for their actions (and taxes)... How dare they! We don't need taxes from people making this kind of money.... We have plenty of middle and lower class people that love paying more!!! "Trickle Down Economics" at it's finest!

    Can't do the time, don't do the crime....

    -- Posted by johnnybunchland on Thu, Sep 2, 2010, at 10:10 AM
  • You all will note that he isn't charged with tax evasion. Tell me ,local man, how getting a money order for $2900.00 is tax evasion. This is all part of the coming evolution where citizens will have no financial privacy what so ever. We almost don't have it now!

    -- Posted by exhoosier2 on Thu, Sep 2, 2010, at 10:50 AM
  • If he was a bank he would be bailed out. Go goverment.

    -- Posted by B. Page on Thu, Sep 2, 2010, at 3:42 PM
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