PITTSBURGH An Alabama metals recycler has agreed to pay $1.27 million to settle civil and criminal cases for allegedly structuring 16 bank account withdrawals in order to avoid federal reporting requirements.
Edward M. Hindman, the owner of Hindmans Wrecker Service & Salvage LLC in Talladega, admitted to withdrawing a total of $119,400 in cash from a bank account in February and March 2011 in amounts less than $10,000 so that the bank wouldnt report the transactions to the U.S. Treasury Department. Banks are required to report withdrawals in amounts greater than $10,000.
He will be sentenced June 26, according to documents filed in U.S. District Court in Alabama.
Hindman has agreed to forfeit $119,400 to the U.S. government, according to the plea agreement on the criminal complaint.
Hindman is also forfeiting $1,148,981 to settle a civil action brought against him by the U.S. Attorneys Office. Following the 16 withdrawals, the government seized money in the checking account. According to the plea agreement, Hindman admits no guilt on this action but recognizes the government had a right to seize the money.
Hindmans legal counsel said that the money was seized three years ago, and the recycler is glad to put this ordeal behind him.