Couple Sentenced To Federal Prison For Structuring Financial Transactions To Evade Currency Reporting Requirements

Jacksonville, Florida – Senior United States District Judge Harvey Schlesinger  has sentenced Bobby L. Ratcliffe (60) and Wanda F. Ratcliffe (55), both of Reddick, Florida, to two years in federal prison for conspiracy to structure financial transactions to evade reporting requirements. In addition, a forfeiture order was entered against them in the amount of $4,592,419, which represents the amount of structured cash deposits. Bobby Ratcliffe also was ordered to pay restitution in the amount of $54,908 for the receipt of unauthorized child auxiliary benefits from the Social Security Administration. Both previously pleaded guilty to the offenses.

According to court documents, between August 2014 and July 2015, Bobby and Wanda Ratcliffe structured cash deposits and withdrawals into and out of bank accounts that they controlled. The couple often traveled from their home in the Ocala-area to Jacksonville, Orlando, and Tampa to conduct the transactions. To avoid Currency Transaction Reports, which are required for currency transactions exceeding $10,000 in a single day, they made individual deposits of less than $10,000 at different credit unions, or branches of the same credit union, on the same day or over consecutive days. 

In addition to structuring cash deposits, the Ratcliffes made structured cash withdrawals by writing and cashing numerous personal checks made payable to themselves. Between August 2014 and July 2015, they wrote more than 1,750 checks to themselves for cash.

This case was investigated by the United States Treasury Office of Inspector General; the Internal Revenue Service - Criminal Investigation; the Federal Insurance Deposit Corporation - Office of Inspector General; the Social Security Administration – Office of Inspector General; the U.S. Secret Service; and the Marion County Sheriff’s Office. It was prosecuted by Assistant United States Attorneys Frank Talbot and Bonnie Glober.