Home News Alabama scrap dealer pleads guilty to structuring

Alabama scrap dealer pleads guilty to structuring

Legislation & Regulations, Metallics

Hindman’s Wrecker Service & Salvage owner to be sentenced in June.

Recycling Today Staff April 8, 2014

The U.S. Department of Justice (DOJ), Northern District of Alabama, has announced that Edward Hindman, the owner of the scrap yard Hindman’s Wrecker Service & Salvage, Talladega, Ala., has pled guilty to one count of structuring $119,400 in cash transactions.

The DOJ says that as part of his plea deal Hindman is required to forfeit $119,400 to the government. He is scheduled for sentencing June 26.

As part of the deal Hindman also agreed to civilly forfeit $1.1 million in a civil forfeiture action brought by the United States against money seized from Hindman's bank account in March 2011. In a Stipulation of Settlement filed in the civil case, Hindman admitted no wrongdoing, but acknowledged that the government had reasonable cause to seize the money in 2011 and commence the forfeiture proceedings.

In the plea agreement, Hindman acknowledges that he intentionally structured, and directed others to structure, cash withdrawals at First National Bank Talladega in amounts less than $10,000 to avoid triggering the bank's requirement to file a Currency Transaction Report with the U.S. Treasury Department on all transactions greater than $10,000.

Between Feb. 23, 2011, and March 5, 2011, Hindman wrote or directed others to write 16 checks payable to "cash," which were cashed at the Talladega bank, according to his plea agreement. All the checks were just below the reporting requirement amount and totaled $119,400. The cash withdrawals were used to fund the operation of Hindman's salvage yard, according to his plea.
 

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