Edwardsville woman pleads guilty to hiding financial transactions
EAST ST. LOUIS, IL (KTVI) – A 50-year-old Edwardsville woman admitted in federal court Wednesday to concealing dozens of bank deposits over a 19-month period, Acting United States Attorney for the Southern District of Illinois James Porter said.
According to prosecutors, Song Chong Fulton structured 64 currency deposits between January 2014 and August 2015 in such a way to avoid mandatory reporting to the IRS. Under federal law, banks must disclose any transaction over $10,000 to the IRS.
Court documents indicated Fulton deposited more than $190,000 during that period.
Fulton pleaded guilty to structuring financial transactions to avoid a currency transaction report. She faces up five years in prison and a $250,000 fine when she’s sentenced on May 17, 2016.