Date: February 6, 2020
CHICAGO - A Chicago man has been found guilty of illegally structuring nearly $ 350,000 in cash deposits in an effort to evade federal reporting requirements.
In 2015 and 2016, Antuane King made at least 37 deposits of less than $ 10,000 each at seven financial institutions, including the Chicago Firefighters Credit Union. The deposits were structured in an effort to evade federal reporting rules, which require financial institutions to notify the U.S. Department of the Treasury about transactions of more than $ 10,000. After making all of the structured cash deposits, King later combined all of the money to purchase three residences in Markham, Lynwood, and Homewood.
A federal jury in Chicago on Wednesday convicted King on two counts of structuring a currency transaction. Each count is punishable by up to five years in federal prison. U.S. District Judge Jorge L. Alonso set sentencing for June 12, 2020.
The conviction was announced by Kathy A. Enstrom, Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago. The government is represented by Assistant U.S. Attorneys Christopher V. Parente and Esther Mignanelli.