Song Chong Fulton, Structuring Financial Transactions, Illinois 2015

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Woman Guilty of Structuring Financial Transactions

A 50-year-old Edwardsville woman has been found guilty of structuring financial transactions to avoid a currency transaction report.

Song Chong Fulton, 50, of Edwardsville, Illinois, pled guilty today in federal district court in East St. Louis to the crime of Structuring Financial Transactions to Avoid a Currency Transaction Report.

The charges relate to sixty-four currency deposits that Fulton made into a bank account between January 22, 2014, and August 11, 2015. Under federal law, financial institutions are required to report to the IRS any currency transaction, such as deposits, exceeding $10,000. It is a federal crime to structure financial transactions in such a way as to avoid this reporting requirement.

Documents filed with the court indicate that the total amount of deposits made by Fulton during the above period was over $190,000.

The maximum statutory penalties for this offense are 5 years’ imprisonment, a $250,000 fine, or both; 3 years’ supervised release; and a $100 special assessment.

Sentencing is set for May 17, 2016, at 10:30 A.M. before Judge Yandle in Benton, Illinois.

The case was investigated by members of IRS and HHS, and was prosecuted by Assistant United States Attorney Stephen Clark.

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