A Baltimore car dealer was busted for structuring bank deposits totaling over $2 million to evade reporting requirements, according to a guilty plea announced by the U.S. Attorney for the District of Maryland Rod J. Rosenstein.
Amefika Gray, 39, of Baltimore, pleaded guilty to structuring bank deposits totaling over $2 million over a two-year period to avoid bank reporting requirements, said U.S. Attorney Rod J. Rosenstein. The crime was committed between January 15, 2010 and April 28, 2012.
Gray owns Network Auto Group, a car dealership operating at 2631 Gwynns Falls Parkway in Baltimore. Between January 15, 2010 and April 28, 2012, Gray made regular deposits of $10,000 or just under $10,000 into his personal and business bank accounts, including at least 25 instances in which Gray made multiple deposits under $10,000 the same day into the same bank or into different banks.
The amount of the structured deposits over this two-year period totaled $2,017,205.23. Gray deposited the money in such amounts because he knew that the banks were required to report to the Internal Revenue Service all deposits over $10,000, said U.S. Attorney Rod J. Rosenstein.
Gray and the Government have agreed that if the Court accepts the plea agreement, Gray will be sentenced to 30 months in prison and will be subject to a forfeiture money judgment of $800,000, and will be required to forfeit a Mercedes Benz vehicle and three residential properties located in Baltimore. U.S. District Judge Ellen L. Hollander scheduled his sentencing for October 18, 2013, at 10:00 a.m.
The case is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force, which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
U.S. Attorney Rod J. Rosenstein praised the IRS – Criminal Investigation and Baltimore Police Department for their work in the investigation. Mr. Rosenstein thanked Assistant U.S. Attorney Evan T. Shea, who is prosecuting the case.
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Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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