Member Guilty Of Structuring $2.6 million In Cash Deposits
UTICA, N.Y. – The owner of a tobacco store on the nearby Akwesasne Mohawk Reservation was convicted Friday of laundering more than $2.6 million of deposits in Seacomm FCU and Community Bank to evade Currency Transaction Reporting.
Rosalie Jacobs, 62, admitted she conspired with others to structure a series of cash deposits in increments of less than $10,000 into her credit union and bank accounts to avoid federal reporting requirements. Because any amount over that limit must be reported to the federal government for tax purposes, Jacobs was attempting to hide the income from authorities.
For each transaction, Rosalie Jacobs or one of her employees packaged the cash in separate bags at Jacobs Tobacco and then gave it to a person, who was instructed to make the deposits in the two institutions, according to prosecutors.
She is scheduled to be sentenced Dec. 9.