Tuesday, April 1, 2014

Talladega businessman pleads guilty to federal banking violations



A Talladega scrap yard owner pleaded guilty Monday to violating a federal banking rule on cash withdrawals and also agreed to forfeit more than $1.2 million in civil and criminal actions brought by federal prosecutors.  61 year old Edward M. Hindman, owner of Hindman's Wrecker Service & Salvage in Talladega, entered his guilty plea to one count of structuring before U.S. District Judge L. Scott Coogler in a Tuscaloosa courtroom.  Hindman must forfeit $119,400 to the government as part of his plea agreement, according to court documents. He is scheduled to be sentenced June 26.  Hindman also agreed to forfeit another $1,148,981 in a civil suit brought by the U.S. Attorneys Office against money seized from Hindman's bank account in March 2011. In a stipulation of settlement filed Monday in the civil case, Hindman admitted no wrongdoing, but acknowledged that the government had reasonable cause to seize the money in 2011 and commence the forfeiture proceedings.  The U.S. Attorney's Office brought the criminal charge against Hindman on Thursday. Hindman acknowledges in his plea agreement that he intentionally structured, and directed others to structure, cash withdrawals at First National Bank Talladega in amounts less than $10,000 to avoid triggering the bank's requirement to file a Currency Transaction Report with the U.S. Treasury Department on all transactions greater than $10,000.

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