Defendant Will Forfeit More Than $476,000 in Seized Funds to Government
DALLAS - Linus Nwosu appeared this morning before U.S. District Judge Reed C. O’Connor and pleaded guilty to an Information charging one count of conspiracy to commit structuring. He faces a maximum statutory penalty of five years in federal prison, a fine not to exceed $250,000, or twice any pecuniary gain to the defendant or loss to the victim (s) and restitution. In addition, according to the terms of the plea agreement, Nwosu will forfeit $476,390, that has been seized, to the government. He will remain on bond pending sentencing, which is set for Oct. 10, 2013. Today’s announcement was made by U.S. Attorney Sarah R. Saldaña of the Northern District of Texas.
According to the factual resume filed in the case, Nwosu owns and operates two pharmacies, with his wife, in the Dallas - Fort Worth area under the name of GeneRx Discount Pharmacy, Inc. From October 2011 to May 2012, Nwosu and his wife agreed to structure GeneRx’s cash deposits to avoid the currency reporting requirements. During this time, Nwosu and his wife made approximately 77 cash deposits totaling $476,190; each of the deposits was made with the intent to avoid the currency reporting requirements as required by law.
The case is being investigated by Internal Revenue Service Criminal Investigation. Assistant U.S. Attorney Brian Poe is in charge of the prosecution.
Source: U.S. Department of Justice, Office of the United States Attorneys
