RICHMOND, Va. (AP) – Two Richmond-area tobacco store owners have been sentenced to two years in prison for illegally structuring more than $10 million in bank deposits to conceal involvement in illegal cigarette trafficking.
Jayant and Loveleen Khare (kah-RAY) of Powhatan County were sentenced Friday morning in federal court in Richmond. Prosecutors asked for terms of three years and five months, but Judge Henry Hudson imposed shorter sentences because the defendants cooperated with the government.
Federal law requires banks to report transactions of more than $10,000 to the U.S. Treasury Department. The Khares, owners of Cigarettes America at Westchester and Cigarettes America Plus, admitted dividing the massive proceeds of illicit cigarette sales into multiple deposits of less than $10,000 to evade the reporting requirement.
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