Home New Haven Press Releases 2009 Jury Finds Shelton Man Guilty of Structuring Cash Transactions
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Jury Finds Shelton Man Guilty of Structuring Cash Transactions

U.S. Attorney’s Office November 10, 2009
  • District of Connecticut (203) 821-3700

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that a federal jury in New Haven has found JAMES BOTTI, 46, of Shelton, guilty of one count of conspiracy to structure cash transactions and one count of structuring cash transactions. The jury found BOTTI not guilty of two counts of making false statements to the Internal Revenue Service – Criminal Investigation Division.

According to the evidence presented during the trial, BOTTI conspired with his father, Peter C. Botti, to structure cash deposits in order to hide the existence of a large amount of BOTTI’s cash from the IRS and federal law enforcement authorities.

Federal law requires all financial institutions to file a Currency Transaction Report (CTR) for currency transactions that exceed $10,000. To evade the filing of a CTR, individuals will often structure their currency transactions so that no single transaction exceeds $10,000. Structuring involves the repeated depositing or withdrawal of amounts of cash less than the $10,000 limit, or the splitting of a cash transaction that exceeds $10,000 into smaller cash transactions in an effort to avoid the reporting requirements. Even if the deposited funds are derived from a legitimate means, financial transactions conducted in this manner are still in violation of federal criminal law.

From approximately June 2006 through January 2007, JAMES BOTTI, or Peter Botti at JAMES BOTTI’s direction, made numerous deposits of cash in amounts less than $10,001 at various financial institutions in order to evade the requirement that financial institutions file CTRs. The cash was deposited into bank accounts in the name of either JAMES BOTTI or Peter Botti. The cash that was deposited into Peter Botti’s accounts was distributed by check for the benefit of JAMES BOTTI, to an account controlled by BOTTI, or to a person associated with JAMES BOTTI. In addition, JAMES BOTTI structured large cash payments to a credit card company.

The jury determined that BOTTI must forfeit $120,500 as a result of his illegal cash structuring.

The charges of conspiracy to structure cash transactions and structuring cash transactions carry a maximum term of imprisonment of five years and a fine of up to $250,000, on each count. A sentencing date has not been scheduled.

On June 1, 2009, Peter C. Botti pleaded guilty to one count of structuring cash transactions. He awaits sentencing.

This matter is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division. The case is being prosecuted by Senior Litigation Counsel Richard J. Schechter and Assistant United States Attorney Rahul Kale.

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