The former assessor in Logan County
Russell “Rick” R. Grimmett admitted
in federal court Wednesday that he and an associate withdrew cash from the
Logan Bank and Trust in Man in amounts less than $10,000 to prevent triggering
a federal reporting requirement, a process referred to as “structuring.”
Federal law requires that cash
transactions over $10,000 must be reported by banks.
The plea comes after an
investigation conducted by the FBI, IRS Criminal Investigation, U.S. Postal Inspection
Service, and the West Virginia State Police led to a federal information filed
by U.S. Attorney Booth Goodwin accusing Grimmett of the charges.
U.S. District Judge Thomas Johnston
will scheduled a March 11 sentencing for Grimmett, who faces up to five years
in prison and a fine of up to $250,000.
As part of a plea deal, he agreed
to resign from his office, vow never to seek an elected position and forfeit
$150,000.
The Logan County Commission appointed David Trent to fill the
assessor position through the end of Grimmett’s term, which expires in 2016.
