Williamsburg gun shop fined $20K for illegal transactions - KTTC Rochester, Austin, Mason City News, Weather and Sports

Williamsburg gun shop fined $20K for illegal transactions

Posted:
CEDAR RAPIDS (KWWL) -

A Williamsburg gun shop was fined Wednesday after a federal court judge found that illegally structured financial transactions were being performed at the business.

Michael Gabriel, LLC, formerly know as Gabe's Gun Shop, LLC, was fined $20,000 and placed on probation for a year after a sentencing hearing in Cedar Rapids federal court on Wednesday.

Michael Gabriel admitted that employees structured business transactions so that no deposits over $10,000 were made between January 2007 and September 2010 to avoid reporting requirements.

A search warrant was executed at the business in February 2011 by IRS agents. Funds in business accounts were seized at that time.

Judge Linda R. Reade also ordered Michael Gabriel, LLC to forfeit $374,950.

Powered by WorldNow
All content © Copyright 2001 - 2014 WorldNow and KTTC, a Quincy station.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.