CONCORD, N.H. (AP) — A New Hampshire man who ran a used car business was sentenced to six months in federal prison for failing to report high cash deposits to the IRS.
Court documents said Michael Albert, 52, of Chichester, knew that if he deposited cash in amounts more than $10,000, the bank was required to file reports of those transactions with the IRS. Albert structured the deposits from his business to evade those requirements. Court documents said he also accepted high cash amounts for the purchase of vehicles from a person who said the cash was proceeds of illegal drug trafficking.
Albert pleaded guilty in September. In addition to his sentence, Albert agreed to forfeit over $434,000 in a related civil forfeiture proceeding.
“Federal bank reporting laws help to protect against money laundering and other financial crimes,” said U.S. Attorney Scott Murray. “The defendant’s criminal activities, including laundering money that he believed to be drug proceeds, were serious offenses.
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