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CASH STRUCTURING SCHEME
Former Williamson mayor pleads guilty of lying to federal agencies
Reported by: Associated Press
Thursday, May 15, 2014 5:50 PM EDT
Former Williamson Mayor Darrin McCormick has pleaded guilty to lying to federal authorities.
McCormick was charged in April with lying to the FBI and the IRS about suspicious banking activity by Aracoma Contracting, LLC. McCormick formerly managed the Bank of Mingo's Williamson branch.
Aracoma pleaded guilty last November to conspiracy to structure currency transactions. Prosecutors say the company structured cash withdrawals to avoid federal reporting requirements.
Prosecutors say Aracoma used the cash to meet payroll, avoid paying employment taxes and bribe a former workers' compensation auditor.
Aracoma was ordered to pay more than $4 million in restitution.