Federal Grand Jury indicts Talladega businessman

A federal grand jury has indicted a Talladega business-owner on two felony counts of structuring currency transactions in order to avoid federal reporting requirements.  The indictment  alleges that Edward M. “Ricky” Hindman structured transactions between Jan. 28, 2009 and April 8, 2011 at First National Bank of Talladega “and did so as part of a pattern of illegal activity involving more than $100,000 in a 12-month period.  Another count in the indictment alleges similar behavior from Aug. 1, 2011 to March 5, 2012.  If convicted, Hindman will be forced to forfeit any property, real or personal, involved in the , and any property traceable to the acts. The property to be forfeited includes, but is not limited to, the aggregate sum of $8,469,695.40.”  All cash transaction greater than $10,000 must be reported by the banks to federal regulators. A pattern of coming in just under that amount to avoid the reporting requirement is a violation of federal law.