{"id":8172,"date":"2015-05-16T07:56:39","date_gmt":"2015-05-16T12:56:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8172"},"modified":"2015-05-16T07:56:39","modified_gmt":"2015-05-16T12:56:39","slug":"the-war-on-cash-destroys-a-small-entrepreneur","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8172","title":{"rendered":"The War on Cash Destroys a Small Entrepreneur"},"content":{"rendered":"

The War on Cash Destroys a Small Entrepreneur<\/a><\/h3>\n

Lyndon McClellan is a small entrepreneur<\/a>who owns and operates L & M Convenience Mart in Fairmont, North Carolina. \u00a0L & M comprises a gas station, convenience store, and a small restaurant serving hot dogs, hamburgers, and catfish sandwiches. \u00a0One day last July, more than a dozen federal, state and local law enforcement agents swarmed Mr. McClellan\u2019s business, including agents from the FBI and the North Carolina Alcohol and Law Enforcement agency\u2014and they were \u201casking\u201d for him. \u00a0When Mr. McClellan arrived, he was escorted by two federal agents into his stock room for a private chat. \u00a0The agents showed him paperwork indicating that he had made two cash deposits totaling $11,400 within a 24-hour period in his bank account at the Lumbee\u00a0Guarantee Bank. \u00a0They informed him that the papers also indicated that he had a history of \u201cconsistent cash deposits\u201d of less than \u00a0$10,000, which was a violation of the the Federal law against \u201cstructuring.\u201d\u00a0\u00a0They also informed him that the IRS had seized all of the $107,702.66 in L & M\u2019s bank account.<\/p>\n

What Mr McClellan did not know was that it was against the law to make cash deposits of\u00a0less<\/em>\u00a0than $10,000. \u00a0Banks are legally obligated to report any deposit of\u00a0more<\/em>\u00a0than $10,000 to the U.S. Treasury Department. \u00a0But if an individual makes several cash deposits of less than $10,000 over an unspecified period of time that total more than $10,000, then he is presumed to be a money launderer or drug trafficker who is committing the dastardly crime of structuring, that is, seeking to circumvent the bank\u2019s reporting requirement and maintaining the privacy of his financial affairs Thus banks are also required to file \u201csuspicious activity reports\u201d on cash deposits of less than $10,000.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

<\/h2>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The War on Cash Destroys a Small Entrepreneur Lyndon McClellan is a small entrepreneurwho owns and operates L & M Convenience Mart in Fairmont, North Carolina. \u00a0L & M comprises a gas station, convenience store, and a small restaurant serving hot dogs, hamburgers, and catfish sandwiches. \u00a0One day last July, more than a dozen federal, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,1035,432,443,537,4336,5453,4927],"class_list":["post-8172","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-cash","tag-internal-revenue-service","tag-irs","tag-money-laundering","tag-suspicious-activity-report","tag-us-treasury-department","tag-war-on-cash"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8172"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8172\/revisions"}],"predecessor-version":[{"id":8173,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8172\/revisions\/8173"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}