Russell R. Grimmett, Structuring, West Virginia 2015
A former Logan County Assessor has pleaded guilty to violating federal banking laws. Russell R. Grimmett, also known as Rick Grimmett, 51, of Man, West Virginia, admitted to structuring cash transactions to avoid triggering federal reporting requirements.
Banks are required to report all cash transactions in excess of $10,000. Grimmett and an associate withdrew cash from the Logan Bank and Trust in Man, West Virginia in amounts less than $10,000 to prevent triggering the reporting requirement.
This practice, known as "structuring," is a federal crime. Grimmett further admitted that between early 2009 through December 2012, he and his associate structured more than $366,000 in cash from various banks.
As part of his plea agreement, Mr. Grimmett agreed to resign his position as Assessor. He also agreed to forfeit $150,000.
Grimmett faces up to five years of imprisonment and a fine of up to $250,000 when he is sentenced on March 11, 2015.
Today's charge stems from an investigation conducted by the FBI, IRS Criminal Investigation, United States Postal Inspection Service, and the West Virginia State Police.
Assistant United States Attorney Meredith George Thomas is handling the prosecution.
Key Facts
- State: West Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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