Hazard woman is accused of avoiding deposit-reporting requirements

tpettit@herald-leader.comFebruary 15, 2013 

A Hazard woman is accused of illegally structuring deposits of $4 million in order to avoid federal reporting requirements.

Lois Elaine Smith, 52, made deposits to the People's Bank and Trust Company in Hazard from Feb. 2008 to June 2010, all under $10,000, according to a release from the U.S. Attorney's Office for the Eastern District of Kentucky.

Banks are required to report all transactions of $10,000 or more under federal law. It is illegal to structure deposits to avoid these reports.

Smith was indicted Thursday for currency structuring by a Covington grand jury in U.S.District Court in Eastern District of Kentucky.

The indictment was made after an investigation by the IRS, according to the release.

A court date has not yet been set. If convicted, Smith faces a maximum five year prison sentence and $250,000 fine.

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