RALEIGH - United States Attorney Thomas G. Walker announced that in federal court today Chief United States District Judge James C. Dever, III, has sentenced PATRICK REX LOVETT, 48, of Tabor City, North Carolinato 5 years probations with 9 months of house arrest. The Court also imposed a fine of $10,000 and ordered forfeiture in the amount of $160,696.
On Feb. 19, 2013, LOVETT pled to structuring transactions to evade reporting requirements, in violation of Title 31, United States Code, Sections, 5324(a)(3) and (d)(2).
According to the Criminal Information filed on Nov. 26, 2012, and information presented in open court, LOVETT structured 22 currency transactions totaling $160,696.00 with one or more domestic financial institutions for the purpose of evading the legal obligation to report currency transactions in excess of $10,000. Six of the structured transactions, totaling $49,118, related to the sale of hidden tobacco. Those sales were not reported to the United States Department of Agriculture and LOVETT did not report the income on his tax returns until he amended the tax returns pursuant to his plea agreement.
This case is part of the ongoing investigation of the multi-million dollar crop insurance fraud in Columbus County.
The criminal investigation of this case was conducted by United States Department of Agriculture - Office of the Inspector General - Investigations, the United States Department of Agriculture - Risk Management Agency - Special Investigations Branch, and the Internal Revenue Service - Criminal Investigation. Assistant United States Attorney Banumathi Rangarajan is handling the prosecution on behalf of the Eastern District of North Carolina.
Source: U.S. Department of Justice, Office of the United States Attorneys
