FAIRMONT, N.C. — The U.S. has dropped its case against L&M Convenience Mart Inc. owner and president Lyndon McLellan, according to Cspnet.com.
The Internal Revenue Service (IRS) seized more than $107,700 from McLellan’s bank account due to “structuring violations,” noted the article. The agency discovered transactions it thought were “structured to evade the Currency Transaction Report (CTR) threshold of $10,000,” stated court documents.
The c-store made 115 deposits between January 2, 2011, and April 24, 2014, ranging from $9,077 and $9,999, stated the article. This raised suspicions the store was trying to evade federal CTR reporting requirements.
Mary Floyd, vice president of the company and niece of McLellan, said the business split its deposits sometimes to avoid the threshold, reported the article. However, the federal government decided not to pursue the case since there was “no probable cause that the funds structured were generated from otherwise unlawful activity.”
“It’s a relief to know that you’re getting something back that’s yours to start with,” shared McLellan in the article. “I wanted [the government] to do what was right, and I felt what was right was for me to get my money back.”
McLellan’s lawyer, Robert Johnson, said in the article it could be months before the money is returned.
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