Chicago man convicted in illegal fund structuring of almost $350000
Antuane King, a Chicago man, has been convicted by a federal jury for illegally structuring nearly $350000. King illegally structured the amount in cash deposits. According to the court documents, he structured the funds illegally in order to evade federal reporting requirements. The federal jury found him guilty in the case.
According to the court documents, King made 37 deposits of less than $10000 in 2015 and 2016 at seven financial institutions. He made deposits of less than $10000 at the Chicago Firefighters Credit Union as well. He structured the funds in order to evade federal reporting requirements. The US Department of Treasury must be notified by the financial institutions about the deposits of more than $10000.
According to the court documents, King purchased three residencies in Markham, Lynwood, and Homewood by combing all of these funds. He purchased these residencies after structuring the cash deposits illegally. King, a 49-year-old Chicago man, has been found guilty on two counts of structuring a currency transaction by a federal jury on Wednesday.
According to the US Sentencing Guidelines, each count is punishable for up to five years in federal prison. Jorge L. Alonso, a US District Judge, set sentencing for June 12, 2020.
John R. Lausch, Jr., the US attorney for the Northern District of Illinois, and Kathy A. Enstrom, the special agent-in-charge of the IRS Criminal Investigation’s Chicago Division, announced the conviction of King. Christopher V. Parente and Esther Mignanelli, the assistant US attorneys, represented the government in this case. King will be sentenced on June 12, 2020.