A Woodside man who admitted that he structured his bank transactions to conceal that he skimmed about $1.5 million in cash from his business was sentenced Friday to 31 months in prison and ordered to pay a $10,000 fine, federal prosecutors said.
Per Alftin, 52, owner of Alftin Construction, admitted knowing that banks have obligations to report certain cash transactions, and that between 2009 and 2012, he structured his banking transactions in an effort to prevent such reports, according to the U.S. Attorney's Office for the Northern District of California.
He pleaded guilty June 24 to a single count of structuring financial transactions to avoid reporting requirements.
Under the sentence by U.S. District Court Judge Susan Illston in San Francisco, Mr. Alftin must also be under supervision for a year once he is released from prison, prosecutors said.
He will begin serving his sentence on Feb. 2, 2017. The case was investigated by the criminal investigation unit of the Internal Revenue Service.