Virginia Man Charged in Money Laundering Scheme
A 56 year old man from Newport News, Virigina, was arrested recently on charges of laundering millions of dollars. The defendant deliberately avoided making deposits of $10,000 or more in cash that he generated from his tobacco store, in order to avoid triggering the filing of "currency transaction reports" by his banks. Instead, the defendant would go to multiple banks and make several smaller deposits just under $10,000. Such actions constitute a Federal offense.
See further details here.