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Thread: Structuring is busted

  1. 03-31-2013, 09:01 AM #1
    laserjet
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    Structuring is busted

    This is interesting for SO many reasons.


    http://www.kmbc.com/news/kansas-city...?absolute=true
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  2. 03-31-2013, 10:38 AM #2
    Shoofly
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    This is a good reminder that Structuring is illegal. Another thought comes to mind. Since this happened in Missouri, where casinos can't back off counters, the casino can just report a winner to the Feds and let Uncle Sam perform the backoff.
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  3. 03-31-2013, 10:47 AM #3
    stopgambling
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    I really hope he can win the case ! well we would hope he wins this case!
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  4. 03-31-2013, 08:33 PM #4
    bigplayer
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    Sucks, he is a good friend of mine and former teammate. I don't know all the details but needless to say there are some very legit reasons why a high stakes player would want to maintain a chip stockpile that have zero to do with money laundering or structuring.
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  5. 03-31-2013, 08:41 PM #5
    zengrifter
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    User is banned, content deleted.
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  6. 03-31-2013, 11:08 PM #6
    ZenKinG
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    but when you lose more than 10,000 no one cares right? this whole country is f***** up.. everyone just cares about theirs
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  7. 03-31-2013, 11:12 PM #7
    zengrifter
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  8. 03-31-2013, 11:15 PM #8
    ZenKinG
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    interesting you say that, i was trying to think of that quote the other day, no lie lol thanks
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  9. 04-01-2013, 09:48 AM #9
    RS
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    Quote Originally Posted by ZenKinG View Post
    but when you lose more than 10,000 no one cares right? this whole country is f***** up.. everyone just cares about theirs
    It's tough to launder money when you lose it...
    "Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
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  10. 04-01-2013, 10:39 AM #10
    Sonny
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    Quote Originally Posted by ZenKinG View Post
    but when you lose more than 10,000 no one cares right?
    If you buy in for more than $10k then they care. The key word is "cash". Winning or losing $10k in chips does not trigger a CTR but changing cash into chips or vise versa will put you in the hot seat. That is one of the reasons bigplayer was talking about.

    This is a tricky situation. As far as I know, the law does not mention anything about the player's intent. It may not matter whether he broke up the transaction in order to avoid the paperwork or for some other legitimate reason (personal safety, easier travel, intent to return and play more, etc.). I would love love love love love to see a fair and reasonable decision in this case.

    -Sonny-
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  11. 04-01-2013, 10:55 AM #11
    Norm
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    I looked it up on the DOJ site. They have rather a lot of details on his activities.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse
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  12. 04-01-2013, 11:08 AM #12
    ZenKinG
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    You guys missed my point
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  13. 04-01-2013, 11:24 AM #13
    Nyne
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    Sonny, the law does say "for the purpose of evading reporting requirements".

    http://www.law.cornell.edu/uscode/text/31/5324
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