NC Man Charged With Illegal Bank Withdrawals (Ali A. Odeh withdrew 4.6 million)

AP ^ | June 5, 2005

[jern]

CLINTON, N.C. -- Federal authorities have charged a Clinton man with fixing bank transactions totaling almost $4.3 million to avoid having the withdrawals reported to the Internal Revenue Service. Ali A. Odeh, 36, was indicted by the grand jury last month on 463 charges of structuring a transaction with RBC Centura Bank in Clinton. Assistant U.S. Attorney John Bruce said a bank must report a transaction of $10,000 or more to the IRS. According to court documents, Odeh, also known as Ali Abdel Latif Mbarak and Ali A. M. Thatata, made 463 withdrawals from July 13, 2000, to June 28, 2004. The smallest transaction was $9,000, the highest was $9,900.

[Nateman]

When the law legalizes theft is it any wonder acts of self defense against that theft are illegal too?

[Mo1]

fyi

[Rodney King]

It's such an outrageous law. They make it so that you have to report any transaction over $10,000, and then charge you if you make withdrawls under $10,000.

[Wally_Kalbacken]

Nigerian?

[KentTrappedInLiberalSeattle]

Ali A. Odeh, 36 [...] also known as Ali Abdel Latif Mbarak and Ali A. M. Thatata

Any time you're delaing with someone who feels the "need" for multiple aliases: start with a presumption of guilt, and move forward from that point.

[JamminJAY]

Federal authorities have charged a Clinton man

Explains everything.

[DoughtyOne]

I've got two letters for you IRS. F U Yes, F U and the three horses you road in on, the House, the Senate and the Presidency. This is not supposed to be a socialist nation. Get it? Obviously not!

That being said, the names involved in this case cause me to ponder if there isn't a little more to this case than simple tax avoidance.

[BIGLOOK]

Hmmmm........4.3 million......36 years old? So what business was he involved in?

The math average is $9287.25 over what period of time I don't know. But I'm sure he was on a first name basis with the tellers.

[BIGLOOK]

Addenda: Which first name?

[DoughtyOne]

I wouldn't be surprised if there were an avoidence clause associated with this reporting requirement. If the withdrawel is larger than $10,000 and there is intent to do an end run, I wouldn't be surprised at all if it's covered.

That being said, I DO NOT like the idea of the IRS having it's sticky fingers in matters of this sort. My bank account is my business, not the government's, not even law enforcement's unless there has been a warrant issued, and most certainly NOT the IRS's.

[t_skoz]

"start with a presumption of guilt"

Yeah, because that's the kind of society our Founding Father's envisioned... /eyes rolling

[sourcery]

Any time you're delaing with someone who feels the "need" for multiple aliases: start with a presumption of guilt, and move forward from that point.

Oh, he's definitely guilty of "structuring." And perhaps other crimes as well. But regardless of all that, the law against structuring is a violation of the Constition, and so threatens everyone's liberty and property.

[SandRat]

Federal authorities have charged a Clinton man with fixing bank transactions

Too bad....... I was really hoping the phrase "a Clinton man" meant a Clinton X42 bag-man.

[Normal4me]

Aw you left out the best part!

"He could receive a maximum of five years in prison per charge against him."

2315 years in the slammer!

[Tunehead54]

It's such an outrageous law.

---

Its an anti-money-laundering/drug-dealing law.The law requires BANKS to report transactions of 10K or better.

It also clearly prohibits patterns of transactions that appear to be designed to evade the reportage of large amounts of money.

I've transferred large sums all over the place and nobody has bothered me. Of course I pay my taxes ...

Me personally I'd like to know where the money came from and where it was going. ;-)

[jern]

what do they charge you with, when you make withdrawls over 10k?

[sourcery]

what do they charge you with, when you make withdrawls over 10k?

Nothing, as long as the transaction is reported. Of course, the Socialists will charge you with being a rich, evil Republican.

[Rodney King]

They charge you with structuring your withdrawls so that you don't have to withdraw over $10,000.

[PAR35]

Assistant U.S. Attorney John Bruce said a bank must report a transaction of $10,000 or more to the IRS.

This guy appears to need some updated training. $10,000 used to be a magic number, but it hasn't been for several years. An activity can require a bank to generate a SAR even if it is under $10,000.00.