Los Angeles, California – LAWFUEL – The Law Newswire – A former City National Bank Vice President who was found guilty of participating in a conspiracy that was designed to structure cash deposits into accounts in a manner that was intended to aid his coconspirators avoid bank reporting requirements, was sentenced yesterday to serve 21 months in federal prison followed by three years of supervised release.
Edward Munoz, 43, was previously found guilty in January 2007 of participating in a conspiracy to structure cash deposits to avoid cash transaction reporting requirements that banks are required to follow. Munoz, along with Shane Woodland and Donald Loya, was originally indicted in a conspiracy to launder the money that Woodland and Loya received from coconspirators that were trafficking cocaine, crack, and methamphetamine as well as in a conspiracy to avoid cash transaction reporting requirements.
In order to avoid cash deposit reports made by banks and financial institutions, Munoz instructed Loya to structure his cash deposits into his bank account. Following Munoz’s advice, Loya and Woodland deposited cash into the business account they had at City National Bank. Over the course of a month, Loya and Woodland deposited approximately $95,966.00 in cash into their account at City National Bank.
This case is the product of an investigation by the Los Angeles High Intensity Drug Trafficking Area (HIDTA) Task Force, which consists of agents and officers from several agencies, including the Drug Enforcement Administration, the Los Angeles Police Department, and IRS Criminal Investigation. The Burbank police Department and the Glendale Police Department participated in the investigation.
