Steven Kessler, 50, part of Cottman Check Cashing, LP, is facing eight counts of aiding and abetting aggravated structuring of financial transactions.
CHERRY HILL TWP. -- A township resident and partial owner of a Philadelphia check cashing business was charged Wednesday in a $670,000 check cashing scheme that avoided notifying the feds, according to the U.S. Department of Justice.
Steven Kessler, 50, part of Cottman Check Cashing, LP, is facing eight counts of aiding and abetting aggravated structuring of financial transactions. He was also charged with conspiring to structure financial transactions.
Wednesday's indictment comes as a result of allegedly working with a bookmaker to to help cash 76 checks -- worth roughly $670,000 in all -- from one of his bettors. The move was to avoid triggering a report that would have been provided to the U.S. government, according to the justice department.
Kessler allegedly helped the bookaker cash those checks at Cottman Check Cashing. Per the indictment, the bookmaker obtained 76 checks from the bettor to settle the losses. If anything exceeding $10,000 was cashed, a report with the government would have to be field. So, the bookmaker allegedly told the better to fill out each check in amounts just under $10,000.
The bookmaker "then took those checks to Cottman Check Cashing to be cashed because of his longtime friendship with Kessler," according to the justice department, which adds that Kessler's assistance included cashing the checks himself, failing to keep business records and using the business to perform money laundering..
If convicted, Kessler could face up to 85 years in prison, three years of supervised release and criminal forfeiture of up to $670,175. Cottman Check Cashing faces criminal forfeiture of up to $670,175.
Greg Adomaitis may be reached at gadomaitis@njadvancemedia.com. Follow him on Twitter @GregAdomaitis. Find the South Jersey Times on Facebook.
