Matthew Czap, age 68, formerly of the Newark area, entered a plea of guilty to a one-count Felony Information charging him with structuring financial transactions to avoid reporting requirements.
Czap’s wife was earlier indicted in a $6.1 million embezzlement case.
Czap faces up to 10 years in prison and a $500,000 fine.
According to the U.S. Attorney’s Office for Delaware, between November 2, 2015, and March 30, 2016, Czap made 18 separate cash deposits, totaling $163,460, each in an amount of less than $10,000.
Czap made many of the deposits on successive days, in amounts approaching, but less than $10,000, according to prosecutors. He structured these cash deposits to avoid triggering the reporting requirement. In his guilty plea, Czap further admitted to structuring, in total, approximately $1.2 million between 2013 and 2016.
Prosecutors stayed that Czap structured these cash deposits to avoid triggering the reporting requirement. In his guilty plea, defendant further admitted to structuring, in total, about $1.2 million between 2013 and 2016.
Czap’s wife, Roberta was charged was charged in December 2016 with wire fraud, identity theft, money laundering, and tax offenses. That case is pending. See story below.
“Structuring financial transactions to avoid currency reporting requirements is a criminal violation of federal law under the Bank Secrecy Act,” said IRS Criminal Investigation Acting Special Agent in Charge Gregory Floyd. “Deliberately avoiding BSA requirements is a form of money laundering that will be vigorously investigated by IRS Criminal Investigation.”
This case is the result of an investigation conducted by the Internal Revenue Service, Criminal Investigation and the Federal Bureau of Investigation. The prosecution is being handled by Assistant United States Attorney Lesley Wolf.