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.

What is community worth to you?
Support local journalism.

Comments

19 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.

Stay informed

Get daily headlines sent straight to your inbox.

After experiencing harassment, owner of Zareen's restaurants speaks out about Islamophobia, racism
By Elena Kadvany | 28 comments | 7,897 views

Good News: The New Menlo Park Rail Subcommittee Hits A Home Run
By Dana Hendrickson | 12 comments | 1,687 views

Premarital and Couples: Tips for Hearing (Listening) and Being Known
By Chandrama Anderson | 0 comments | 1,260 views

Two degrees can do all that?
By Sherry Listgarten | 2 comments | 769 views

Tame, Maim and Claim the Wild Sea Vegetable
By Laura Stec | 0 comments | 261 views

 

Register today!

On Friday, October 11, join us at the Palo Alto Baylands for a 5K walk, 5K run, 10K run or half marathon! All proceeds benefit local nonprofits serving children and families.

Learn More