NEWS

Frequent cash withdrawals land Springfield man in court

Harrison Keegan
HKEEGAN@NEWS-LEADER.COM

A Springfield business owner pleaded guilty to a federal felony last week after investigators say he tried to side-step financial reporting laws.

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Douglas Gooch, 55, pleaded guilty Thursday to structuring financial transactions to evade federal reporting requirements after he made a series of $9,000 cash withdrawals from his bank account, according to a news release from the U.S. Attorney for the Western District of Missouri.

Under federal law, when someone withdraws more than $10,000 from a bank, a Currency Transaction Report must be filed with the Department of Treasury so there is a record of the activity, according to the release.

The release says between June 29, 2011 and Nov. 1, 2011, Gooch — who owns and operates a wholesale business selling antiques, jewelry and coins in Springfield — made 18 withdrawals from his bank account all under $10,000. Most of the withdrawals were for $9,000.

Gooch told bank employees he was purposely taking out less than $10,000 so there wouldn't be a Currency Transaction Report filed.

The release says Gooch made a similar series of withdrawals between July 25, 2015 and Oct. 6, 2015.

During the two time periods combined, Gooch withdrew more than $222,000 cash without the filing of a Currency Transaction Report, according to the release.

The felony information, which explains the charge in this case, says Currency Transaction Reports "are often used by law enforcement to uncover a wide variety of illegal activities such as money laundering."

The information says making multiple cash withdrawals under $10,000 to avoid Currency Transaction Reports is called "structuring" — and it's illegal.

The release from the U.S. Attorney's Office says Gooch faces up to 10 years in prison. He will be sentenced following a pre-sentence investigation by the U.S. Probation Office.

The release says the case was investigated by the Federal Deposit Insurance Corporation and the Springfield Police Department.