This post was originally published on Forbes Jun 4, 2015
The supporters of embattled young earth creationist Kent Hovind have been hoping that the troubles of Dennis Hastert with the crime of structuring might elicit more sympathy for Doctor Dino, as Kent Hovind is known. Hovind is nearing the end of a long sentence, that based on the number of counts was mainly about structuring. Instead the other name that I am hearing is Eliot Spitzer. Apparently Spitzer's scandal which involved prostitutes was triggered by a bank's suspicious activity reports, although in the end Spitzer was not prosecuted. I decided to talk to a couple of people who know about structuring. Here is the biggest takeaway. Structuring is a crime under federal law, but it is the type of crime, that you could commit kind of innocently. It is something of a cautionary tale.
No more currency transaction reports, but before long there will be suspicious activity reports. If the reason you made the switch was to stop the currency transaction reports, you have committed the crime of structuring, even if there is nothing illegal about the source of the funds or the use of them and you are paying all your taxes. (Kent Hovind insists that he has paid all the taxes he owes, by the way, but there is some room for interpretation there.)