Sheila Aubuchon, Bank Reporting Violations, Missouri 2014

Former Bank Branch Manager Pleads Guilty to Bank Reporting Violations

In a shocking turn of events, Sheila Aubuchon, the former Branch Manager of the Potosi Branch of Belgrade State Bank, has pleaded guilty to charges of willfully failing to file reports of more than $100,000 in cash transactions. This is a clear violation of federal bank reporting requirements.

Aubuchon, a resident of Potosi, Missouri, admitted to causing the bank to fail to file currency transaction reports (CTR) with the Internal Revenue Service on five separate occasions in 2009 and 2010. Each of these transactions involved more than $10,000 in U.S. currency, as required by federal law.

The Internal Revenue Service and the United States Secret Service are conducting a thorough investigation into the matter. Assistant United States Attorney Richard E. Finneran is handling the case for the U.S. Attorney’s Office.

Aubuchon pled guilty to two felony counts of deliberately causing Belgrade Bank to fail to file CTRs. Each count carries a maximum penalty of five years in prison. The U.S. Sentencing Guidelines will be taken into account when determining the actual sentence.

Aubuchon’s sentencing has been set for June 26, 2015, before United States District Judge Rodney W. Sippel in St. Louis. The full extent of Aubuchon’s involvement in the scheme is still unclear, but her guilty plea is a significant blow to her reputation and her career.

The case highlights the importance of adhering to federal bank reporting requirements. Financial institutions play a critical role in maintaining the integrity of the financial system, and any attempts to evade these requirements will be vigorously prosecuted.

We will continue to follow this story and provide updates as more information becomes available.

Source: https://www.justice.gov/usao-edmo/pr/former-belgrade-state-bank-branch-manager-pleads-guilty-purposefully-evading-reporting