Glastonbury Man Receives Jail Sentence in Financial Structuring Case

A Glastonbury man, who pleaded guilty to a charge he structured bank deposits to avoid federal transaction regulations, was sentenced to 10 months of imprisonment, followed by two years of supervised release.

David E. Raymond, 75, was sentenced Tuesday by U.S. District Judge Janet Bond Arterton in New Haven, according to an announcement from Connecticut U.S. Attorney Deirdre Daly that was released Wednesday. He pleaded guilty to one count of structuring financial transactions on Oct. 19.

Federal law requires all financial institutions to file a Currency Transaction Report (CTR) for currency transactions that exceed $10,000. To evade the filing of a CTR, individuals will often conduct their currency transactions so that no single transaction exceeds $10,000. Structuring involves the repeated depositing or withdrawal of amounts of cash less than the $10,000.01 limit, or the splitting of a cash transaction that exceeds $10,000 into smaller cash transactions in an effort to avoid the reporting requirements.

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According to court documents and statements made in court, Raymond purchased rock and roll memorabilia for a doctor who owned a medical practice. Raymond s friend, Andrea Dobrozensky, was the office manager for the medical practice and also paid the doctor’s personal expenses. For purchases of items for the doctor in amounts greater than $10,000, Raymond requested that any checks payable to him be made in amounts under $10,000 to avoid the filing of a CTR when he cashed the checks. The checks, ranging in amounts from $4,000 to $9,900, were payable to Raymond and many were dated on the same date.

Between August 2009 and May 2012, Raymond received 20 checks totaling $146,500 from the medical practice’s business bank accounts.

The investigation also revealed that Raymond made material false representations to the doctor concerning the acquisition date and restoration of a painting in order to induce the doctor to buy and restore the painting. According to the government, in 2009 and 2010, the doctor paid Raymond $20,000 for the painting plus $30,000 for restoration, authentication, and framing costs. The government said the painting is a fake, and Raymond had bought and restored it before selling it to the doctor.

The government claims that on Nov. 27, 2012, the pair also cashed two additional checks each for $9,900.

Prosecutors also said Raymond has not filed a tax return since at least 1986. He has agreed to forfeit $10,000 related to his structuring activity.

On Oct. 13, Dobrozensky pleaded guilty to tax and structuring charges and was sentenced to five months of imprisonment, five months of home confinement and a $3,000 fine on Jan. 22.