BAKERSFIELD, CA -- A Bakersfield man will spend a year in federal prison after he was sentenced Monday for structuring cash deposits.
According to court documents, Miguel Jaramillo, 67, cashed more than fifty checks in amounts of $10,000 or less at Valley Republic Bank in Bakersfield, totaling more than $420,000. Jaramillo had the checks cashed in this manner to prevent, or attempt to prevent, the bank from filing a Currency Transaction Report on those transactions. He did not want a CTR filed because for the years 2010 and 2011, he did not declare the structured cash transactions as income on his federal tax returns.
This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Bakersfield Police Department under the auspices of the Central California Financial Crimes Task Force (CCFCTF), which is dedicated to investigating and prosecuting money laundering and Bank Secrecy Act crimes in the San Joaquin Valley.
Jaramillo was ordered to self-surrender in sixty days.
According to court documents, Miguel Jaramillo, 67, cashed more than fifty checks in amounts of $10,000 or less at Valley Republic Bank in Bakersfield, totaling more than $420,000. Jaramillo had the checks cashed in this manner to prevent, or attempt to prevent, the bank from filing a Currency Transaction Report on those transactions. He did not want a CTR filed because for the years 2010 and 2011, he did not declare the structured cash transactions as income on his federal tax returns.
This case is the product of an investigation by the Internal Revenue Service-Criminal Investigation and the Bakersfield Police Department under the auspices of the Central California Financial Crimes Task Force (CCFCTF), which is dedicated to investigating and prosecuting money laundering and Bank Secrecy Act crimes in the San Joaquin Valley.
Jaramillo was ordered to self-surrender in sixty days.