Used-car dealer in Concord, Chichester pleads guilty to money laundering

  • —Courtesy

Published: 9/12/2019 6:22:09 PM
Modified: 9/12/2019 6:21:59 PM

The owner of used-car lots in Chichester and Concord has pleaded guilty to laundering money through the business, including taking cash “from a person who represented that the cash was proceeds of illegal drug trafficking,” according to the U.S. attorney’s office.

Michael A. Albert, 51, of Chichester pleaded guilty in federal court on Tuesday to structuring cash deposits from his business, Mike’s Affordable Auto, for the purpose of evading bank reporting requirements, money laundering and evading reporting requirements with respect to cash transactions in excess of $10,000, according to a press release.

According to court documents and statements made in court, Albert knew that if he deposited cash in amounts more than $10,000, the bank was required to file reports of those transactions with the IRS so he structured cash deposits from his business to evade the reporting requirements. Additionally, Albert accepted cash in amounts greater than $10,000 for the purchase of vehicles from a person who represented that the cash was proceeds of illegal drug trafficking. Finally, Albert failed to file required forms with the IRS identifying cash receipts in his business in excess of $10,000.

Albert is scheduled to be sentenced on Dec. 17. As part of his plea agreement, he has agreed to the civil forfeiture of over $400,000.

This matter was investigated by the Drug Enforcement Administration and the Internal Revenue Service, with assistance from Immigration and Customs Enforcement’s Homeland Security Investigations and the Manchester Police Department. The case is being prosecuted by Assistant U.S. Attorney Arnold Huftalen. The civil forfeiture matter is being handled by Assistant U.S. Attorney Robert Rabuck.

This case was supported by the Organized Crime Drug Enforcement Task Force, a federal task force that supplies supplemental federal funding to federal and state agencies involved in the identification, investigation and prosecution of drug trafficking organizations.

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