Lois Elaine Smith, Currency Structuring, Kentucky 2010

A woman from Hazard, Kentucky, has been accused of illegally structuring deposits totaling millions of dollars to avoid federal reporting requirements.

Lois Elaine Smith, 52, was indicted Thursday by a Covington grand jury for the charge of currency structuring.

The indictment alleges that Smith structured $4,044,180 by making deposits under $10,000 into a People’s Bank and Trust Company in Hazard. Smith allegedly deposited this money from February 14, 2008, until June 5, 2010.

Under federal law, financial institutions such as banks are required to report to the federal government any currency deposit, withdrawal, or exchange over $10,000. It is a violation of federal law to intentionally structure transactions in a way that avoids reporting requirements.

Kerry B. Harvey, United States Attorney for the Eastern District of Kentucky, and Christopher A. Henry, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, jointly made the announcement today.

The investigation preceding the indictment was conducted by the Internal Revenue Service (IRS). The indictment was presented to the grand jury by Assistant United States Attorney Robert K. McBride.

Smith's appearances before the United States District Court have not yet been set by the Court in Covington. If convicted, Smith faces a maximum penalty of 5 years in prison and a fine of $250,000. However, any sentence following conviction would be imposed by the court after consideration of the United States Sentencing Guidelines and the federal statute governing the imposition of sentences.

Source: https://www.justice.gov/usao-edky/pr/three-indicted-structuring-currency