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Lead Man Jailed for Unlawfully Structuring Financial Transactions
In a shocking case of financial deceit, David Olmsted, a/k/a Dale Cooper, Jr., was sentenced to 3 years’ probation for unlawfully structuring financial transactions to evade reporting requirements.
According to court documents, the 60-year-old Lead, South Dakota, man arranged for shipments of Iraqi Dinars, the country’s currency, to be sent from Jordan to the United States in split shipments to avoid exceeding the $10,000 reporting threshold.
Olmsted, who pled guilty on May 21, 2013, was ordered to pay $100 to the Federal Crime Victims Fund and a staggering $178,867.08 in restitution to individuals who purchased dinar from him but did not receive it.
The case was investigated by the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, with Assistant U.S. Attorney Sarah B. Collins prosecuting the case.
Chief Judge Jeffrey L. Viken of the U.S. District Court handed down the sentence on September 13, 2013, marking the end of a lengthy investigation.
The case highlights the importance of stringent financial reporting requirements, designed to prevent financial crimes and protect national security.
As the U.S. government continues to crack down on financial crimes, this case serves as a stark reminder of the consequences of attempting to circumvent the law.
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Key Facts
- State: South Dakota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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