A Hammond small businessman has been sentenced to more than three years in federal prison after a jury found him guilty of money laundering and illegally structuring financial transactions to help drug dealers launder their revenues, the U.S. Attorney’s Office for the Northern District of Indiana said.
Jerry Jarrett, 57, was sentenced to 37 months in prison and to two years of supervised release.
A federal jury in South Bend convicted Jarrett in December of 2004 of a scheme to clean up “dirty” money after a drug dealer brought him approximately $67,000 in cash in April 1999. To evade currency transaction reports, Jarrett deposited the money in a series of small transactions into the bank account of a small business he controlled, the U.S. Attorney’s Office said. He then prepared a backdated stock purchase agreement, representing the drug dealer’s investment in Jarrett’s company, and issued a series of checks to the dealer as a return on his investment, the U.S. Attorney’s Office said.
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