Jerold J. Cohen, Financial Crimes, Pennsylvania 2011

Bala Cynwyd Man Charged with Financial Crimes

A 78-year-old Bala Cynwyd man has been charged with operating a sports bookmaking operation that accepted payment in the form of checks, according to the United States Attorney's Office in Philadelphia.

Jerold J. Cohen, 78, of Bala Cynwyd, PA, was charged today by Information with conspiracy, aggravated structuring of financial transactions, and filing false tax returns, announced United States Attorney Zane David Memeger.

The Information charges that Cohen operated a sports bookmaking operation and accepted payment from his bettors in the form of checks. According to the information, between May 2009 and January 2011, Cohen cashed and caused to be cashed over 170 such checks, each made out for just under $10,000, for a total of over $1.5 million, which was income he received in connection with his bookmaking operation.

It is further alleged that in 2009 and 2010, Cohen underreported income from his bookmaking operation by at least $450,000 in each year.

If convicted, the defendant faces a maximum possible sentence of 21 years in prison, three years of supervised release, a $950,000 fine, a $400 special assessment, and forfeiture of $1.5 million.

The case was investigated by the Internal Revenue Service Criminal Investigations and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Nancy E. Potts.

An Indictment/Information/Criminal Complaint is an accusation. A defendant is presumed innocent unless and until proven guilty.

Source: https://www.justice.gov/usao-edpa/pr/information-charges-bala-cynwyd-man-financial-crimes