EYEWITNESS LOCAL NEWSFirm Accused Of Scheme Involving Auditor
from Eyewitness News Online
Reported by: Kallie Cart
Web Producer: Heath Harrison
Reported: Aug. 14, 2013 9:18 PM EDT
Updated: Aug. 14, 2013 10:36 PM EDT
Williamson , Mingo County , West Virginia
A firm that contracts out employees is accused of taking part in an intricate scheme involving a Brickstreet auditor and the Bank of Mingo.
Federal investigators said Aracoma Contracting bribed a Brickstreet auditor. Two employees have already been charged, but now investigators say the auditor may have been paid off with money structured through the Bank of Mingo, and that bank employees were in on it.
Structuring means breaking down one large cash transaction into multiple transactions of less than $10,000 each, to avoid having to report it to the internal Revenue Service. The money was then used to pay employees, further shielding money from the government.
The U.S. Attorneys Office said, in several instances, Aracoma employees made multiple $9,000 transactions at the same window at the Williamson branch and the bank never reported it, as required by law.
Williamson Mayor Darrin McCormick, is listed as a loan officer at the branch. No bank employees have been charged in connection with the alleged scheme.
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