News


Woodside man sentenced to prison for violating bank reporting laws

 

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.

Comments

17 people like this
Posted by wow
a resident of Woodside: other
on Oct 9, 2016 at 1:22 pm

So many crooks in Woodside and Portola Valley. Unlike the 2 bit crooks in other cities, we have million dollar crooks.


57 people like this
Posted by LJ94062
a resident of Woodside: other
on Oct 10, 2016 at 5:14 pm

LJ94062 is a registered user.

Per Alftin is a great guy. He made a wrong decision on how to deposit his money but he is still a great guy. In reading about this law, it seems pretty easy for good hard working people who earn their money honestly and pay their taxes honestly to get in trouble because of how they put their money into their account. It is hard to believe that a rapist gets 6 months for his crime and this gets 31 months. Where is the justice here?


Sorry, but further commenting on this topic has been closed.

Ice cream shop opens at Stanford Shopping Center
By Elena Kadvany | 1 comment | 5,176 views

The Last Straw
By Laura Stec | 6 comments | 2,398 views

Couples: Do you Really Agree or are you Afraid of not Agreeing?
By Chandrama Anderson | 0 comments | 1,008 views

Trying to enjoy the routines again
By Cheryl Bac | 0 comments | 518 views

 

The Almanac Readers' Choice ballot is here

It's time to decide what local business is worthy of the title "The Almanac Readers' Choice" — and you get to decide! Cast your ballot online. Voting ends May 28th. Stay tuned for the results in the July 18th issue of The Almanac.

VOTE HERE