Douglas Gooch, Structuring Financial Transactions, Missouri 2016

Business Owner Busted for Hiding Cash Transactions

In a shocking move, a Springfield business owner has been caught and charged with structuring financial transactions to evade federal reporting requirements. Douglas Gooch, 55, of Springfield, pleaded guilty to the crime on Thursday, April 22, 2016, before U.S. Magistrate Judge David P. Rush.

Gooch owns and operates a wholesale business selling antiques, jewelry, and coins in Springfield. The defendant made 18 withdrawals from his bank account between June 29 and Nov. 1, 2011, with each withdrawal amounting to under $10,000. Most withdrawals were made on consecutive days or within days of each other, with most being for $9,000.

Collectively, if the withdrawals were conducted as one financial transaction, the amount of the single withdrawal would total $137,200. Under federal law, any financial institution that engages in a currency transaction in excess of $10,000 with a customer must report the transaction to the Treasury by filing a Currency Transaction Report. Gooch admitted to bank personnel that his withdrawals were purposely done in amounts under $10,000 to avoid filing a Currency Transaction Report.

Gooch also made 10 withdrawals from his credit union account between July 25 and Oct. 6, 2015. Each withdrawal was for an amount under $10,000, with collectively totaling $85,000. In total, during the two time periods in which Gooch knew of the Currency Transaction Report threshold and expressed his desire to withdraw monies in amounts that evaded this reporting requirement, Gooch’s structured withdrawals totaled $222,200.

Under federal statutes, Gooch is subject to a sentence of up to 10 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

This case is being prosecuted by Assistant U.S. Attorney Patrick Carney. It was investigated by the Federal Deposit Insurance Corporation and the Springfield, Mo., Police Department.

Source: https://www.justice.gov/usao-wdmo/pr/springfield-business-owner-pleads-guilty-structuring-financial-transactions