MARION, Ind. -- A former Marion City Council member faces prison time after he pleaded guilty to structuring financial transactions by withdrawing $180,500 in cash in 19 transactions of $9,500 from United FCU.
John Devore, 37, owner of Devore Rentals LLC, entered a guilty plea to a single count as part of an agreement with the U.S. Attorney's Office, which says it will dismiss 21 counts. The others were 19 counts of money laundering, one count of concealing assets in a bankruptcy and one count of making a false statement in a bankruptcy.
Devore received a wire transfer of $203,000 on March 2, 2010, after selling his insurance business on Feb. 26, 2010.
He was fully aware of the requirement that a currency transaction report be filed for any transaction in currency of more than $10,000, so he obtained 19 cashier's checks of $9,500 each from United FCU, according to court records.
He used the proceeds from the cashier's checks to buy a 1996 Trojan 35 Express boat and 2010 Malibu 2LT car. The plea agreement also calls for Devore to forfeit the boat and car.
