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Lead Man Bilked System in Cash Scheme
A brazen scheme to evade reporting requirements has landed a Lead resident behind bars. David Olmsted, 60, a/k/a Dale Cooper, Jr., has pleaded guilty to Unlawfully Structuring Financial Transactions.
U.S. Attorney Brendan V. Johnson explained that Olmsted’s actions were a deliberate attempt to circumvent the law. The defendant split shipments of Iraqi Dinars, the country’s currency, into smaller amounts to avoid exceeding the $10,000 reporting threshold.
The scheme was uncovered by U.S. Immigration and Customs Enforcement’s Homeland Security Investigations. Assistant U.S. Attorney Sarah B. Collins is prosecuting the case.
Olmsted’s actions carry a maximum penalty of 5 years in prison and/or a $250,000 fine. A presentence investigation has been ordered, with sentencing set for September 13, 2013. The defendant was released on bond pending sentencing.
The case highlights the creative ways individuals attempt to evade the law. Olmsted’s actions were a blatant disregard for reporting requirements, and his guilt is a testament to the diligence of law enforcement.
U.S. Attorney Johnson praised the efforts of Homeland Security Investigations, stating, ‘Their tireless work is a reminder that we will not tolerate such egregious behavior.’
Olmsted’s bond release is a temporary reprieve. His sentencing date looms, and the consequences of his actions will soon be realized.
Key Facts
- State: South Dakota
- Category: Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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