A Middlesex County, New Jersey, man has been caught attempting to evade reporting requirements by structuring over $250,000 in bank deposits. Abdel Elgendy, 67, of Piscataway, New Jersey, pleaded guilty to structuring in front of U.S. District Judge Esther Salas in Newark federal court.
According to documents filed in the case, Elgendy engaged in a pattern of structuring activity between March 2021 and November 2021. During this time, he purposefully deposited over $250,000 in cash at financial institutions in ways to avoid reporting requirements for transactions in excess of $10,000.
One instance of this occurred in September 2021, when Elgendy accidentally provided a teller with more than $10,000 to be deposited. However, when the teller informed him that the cash totaled more than $10,000, Elgendy took some of the money back from the teller to ensure that the total deposited amount was less than $10,000.
Elgendy’s actions have carried a maximum penalty of 10 years in prison and a fine of $500,000. He is currently scheduled for sentencing on October 29, 2024.
U.S. Attorney Philip R. Sellinger credited a team of special agents from various agencies, including the Port Authority of New York and New Jersey, IRS-Criminal Investigation, Homeland Security Investigations Newark, and the Department of Defense Inspector General, Defense Criminal Investigative Service, Cyber Field Office, with the investigation leading to Elgendy’s guilty plea.
The government is represented by Assistant U.S. Attorneys Carolyn Silane and Benjamin Levin of the Criminal Division in Newark.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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