WHEELING, W.Va. (AP) – A New Martinsville car dealer faces up to five years in prison after pleading guilty to federal financial fraud charges.
Clarence Joseph Jackson pleaded guilty on Friday to structuring transactions to evade reporting requirements. The 48-year-old New Martinsville resident owned and operated Jackson’s Used Cars LLC.
U.S. Attorney William J. Ihlenfeld II said Monday in a news release that Jackson attempted to circumvent federal banking laws by dividing a large amount of cash into multiple deposits, which he made into a business account at Union Bank.
Federal law requires banks to report all cash transactions higher than $10,000. Banks must treat multiple transactions made by or on behalf of the same person as a single transaction if the total exceeds $10,000 during any business day.
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