Page 238 - Restructuring News Today

Withdrawals were less than $10,000 so he could avoid an irs detection. >> banks have an obligation to record when you are withdrawing close to $10,000. and its a pattern of doing this, its called structuring. >> reporter: prosecutors say when the fbi asked hastert about the pattern of large withdrawals he said he was keeping the cash for himself. >> that was cnns pamela brown reporting. investigators have decided not to pursue possible extortion cases against hastert. the high school where he wo...

Go into the determination about whether or not that conduct should be charged as a crime? >> its a calculus. we dont know exactly what the misconduct was. however, if you look at the indictment, the wording where it lists he was a teacher and a coach at the high school in a certain period of time. federal prosecutors dont put in language of that kind unless its relevant. that had to be relevant to the misconduct. therefore, you have one could argue misconduct from what we know now that was worth...

Hastert has not commented publicly but he abruptly resigned from this washington, d.c. firm. and a derivatives firm. has hot discussed abuse but instead spoke kwuss on how the former coach moved the money he was allegedly paying to students. . according to court records, the investigation started two years ago when the fbi started investigating mystery transactions made by hastert. big withdrawals of more than $950,000. the fbi alleges several of the withdrawals were less than $10,000 so he coul...

3.5 million dollars to cover up and conseal and when confronted about ait, according to indictment by the fbi, lied about it. it said he was taking this money out and actually kept the cash and thats what got him in trouble with the fbi. >> why would someone of his stater lie to the fbi? >> we do know it says in the indictment that they started the investigation because they noticed -- the charge is called structuring. basically, you take $10,000 of cash out of a bank account, the bank is suppos...

Teacher and coach in yorkville, just outside of chicago. hastert allegedly withdrew cash 50,000-dollar increments at first. then, when the bank started asking questions. less than $10,000 at a time to dodge the mandated currency transaction reporting. when questioned by the fbi hastert told investigators he was keeping the cash because he did not trust the banks. so according to the indictment, has territories had hastert had already given money to individual a. they got him for lying to the fbi...

Is that because of statute of limitations. if was inappropriate sexual misconduct or what inappropriate conduct could have been. >> most crimes have statute of limitations that probably expired but we dont know what the misconduct was or whether it was potentially criminal sore whether it could be prosecuted. certainly the fbi would not reach out to prosecute it then decades ago in illinois. however, once they knew what appeared to be structuring of agoets and they asked and he gave this prepost...

Decades ago in illinois however, once they knew about what appears to be structuring of transaction and once they asked hastert and he gave frankly, this preposterous answer that he didnt trust the banking system that sets in motion a completely different investigation, which hes in a world of trouble in regardless of what happened between this person he was paying money. >> and the bank was the first to raise questions about the transactions. wungs once the bank approached him, he started doing...

And hadnt tried to hide the money being withdrawn, would it have been legal to just have given $3.5 million to this former student and that would have been fine? >> based on what i know now i think it would have been perfect perfectly legal. we can give money to anyone we want basically for almost any reason. there might be some gift tax implications but thats not a criminal matter. the charge here exclusively relates to the currency transaction reports. the structuring of the money, and -- and ...

Wrestling coach from kendall county in illinois would be the longest serving republican speaker of the house. >> reporter: according to court records, the investigation started two years ago when the fbi started investigating mystery transactions made by hastert. bank withdrawals more than $950,000. the fbi alleged several of the withdrawals were less than $10,000, so he could evade irs detection. >> banks have an obligation to record when you are withdrawing close to $10,000 and theres a patter...

You wouldnt buy a car without taking it for a spin and its...well...just a car. test-drive our full lineup only at your local john deere dealer. former speaker of the u.s. house, dennis hastert, has been indicted on criminal charges. late today, hastert was charged with illegally transferring funds in an effort to avoid detection by the irs, a scheme known as structuring. hes also been charged with making false statements to the