Guilty of Cash Structuring

Tuesday, April 1, 2014

The owner of a Talladega scrap yard pleads guilty to structuring cash transactions. According to officials with the U.S Attorney’s Office, Edward Hindman, owner of Hindman’s Wrecker Service and Salvage in Talladega, directed others to write 16 checks payable to cash for amounts just below the U.S. Department of Treasury’s reporting requirement. Authorities say that was done to avoid triggering the bank's requirement to file a Currency Transaction Report with the U.S. Treasury Department on all transactions greater than $10,000. The checks totaled $119,400. Hindman also agreed to civilly forfeit $1,148,981 in a civil forfeiture action brought by the United States against money seized from Hindman’s bank account in March 2011.

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