Wetzel County, West Virginia Man Convicted of Financial Fraud
WHEELING, WV—Clarence Joseph Jackson, 48, of New Martinsville, West Virginia, was convicted of financial fraud in federal court, United States Attorney William J. Ihlenfeld, II, announced.
Jackson, also known as “Butch Jackson,” owned and operated Jackson’s Used Cars LLC in Wetzel County, West Virginia. Jackson’s business maintained an account at Union Bank, Inc. As a financial institution, Union Bank is required to file a Currency Transaction Report with the United States Department of the Treasury for any transaction in excess of $10,000. Multiple transactions are to be treated as a single transaction if the financial institution has knowledge that the individual transactions are by, or on behalf of, the same person, and the transactions cause currency in excess of $10,000 to be received or disbursed by the financial institution during any one business day. Between November 25, 2014 and December 10, 2014, Jackson attempted to avoid the aforementioned reporting requirements by dividing a large amount of cash proceeds into multiple different deposits into the business account at Union Bank.
Jackson pled guilty to a criminal Information charging him with one count of “Structuring Transactions to Evade Reporting Requirements.” He faces up to five years in prison and a fine of up to $250,000. In pleading guilty, Jackson also agreed to pay a money judgment in the amount of $23,000. Under the Federal Sentencing Guidelines, the actual sentence imposed will be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
Assistant U.S. Attorney Jarod Douglas prosecuted the case on behalf of the government. The Federal Bureau of Investigation led the inquiry.
U.S. Magistrate Judge James E. Seibert presided.