Midland Businessman Pleads Guilty to Illegal Currency Structuring - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Midland Businessman Pleads Guilty to Illegal Currency Structuring

Staff Report
NewsWest 9

A Midland business man faces a hefty fine and jail time for skirting federal banking laws.

55-year-old Hector Jesus Garcia-Ponce owned Hector's Pipe Company.

He faces up to 10 years in federal prison and a maximum $250,000 fine.

He plead guilty to charges he illegally structured cash withdrawals to avoid reporting requirements.

In court, Garcia-Ponce admitted over a four year period he repeatedly took out cash amounts just under $10,000.

It's not illegal to take out that amount of cash but the law requires banks to make a report to the federal government every time a $10,000 transaction is made.

His sentencing date has yet to be scheduled.

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