An area man indicted on charges of financial structuring and money laundering, Acting United States Attorney Michael W. Reap announced today.

According to the indictment, between December 2005 and December 2008, Ramsey structured and assisted in structuring approximately $843,547.  The indictment lists 136 deposits, all under $10,000, to evade IRS reporting requirements. 

Beginning in early 2007 to the present time, the indictment alleges that Ramsey conspired with Michael Harper to disguise proceeds of illegal activity by purchasing five properties.

Loren Ramsey, 71, St. Louis, MO, 63111, was indicted by a federal grand jury on one felony count of structuring transactions to evade reporting requirements and one felony count of conspiracy to commit money laundering. 

Additionally, Ramsey was charged with two forfeiture counts which, if convicted, will require the forfeiture of property derived from the criminal activity.  He was arrested this morning and made his first appearance in federal court in St. Louis.

Subject to forfeiture is approximately $843,547; one property located in Murphysboro, IL; two properties located on California Street, St. Louis; and approximately $140,362 U.S. currency, which represents the proceeds of the sale of two additional properties.

Reap commended the work on the case by the Drug Enforcement Administration and Internal Revenue Service Criminal Investigation.

The charges set forth in an indictment are merely accusations, and the defendant is presumed innocent until and unless proven guilty.