Former Logan County Assessor Pleads Guilty to
Federal Banking Law Violation
|U.S. Attorney’s Office December 03, 2014|
CHARLESTON, WV—United States Attorney Booth Goodwin announced that
Russell R. Grimmett,
also known as Rick Grimmett,
51, of Man, West Virginia, pled guilty today to violating federal banking laws.
Grimmett is the former Logan County Assessor.
Banks are required by federal law to report all cash transactions in excess of $10,000. Grimmett admitted that he and an associate withdrew cash from the Logan Bank and Trust in Man, West Virginia in amounts less than $10,000 to prevent triggering the reporting requirement.
This practice, known as “structuring,” is a federal crime.
He further admitted that between early 2009 through December 2012, he and his associate structured more than $366,000 in cash from various banks.
As part of his plea agreement, Mr. Grimmett agreed to resign his position as Assessor. He also agreed to forfeit $150,000.
Grimmett faces up to five years of imprisonment and a fine of up to $250,000 when he is sentenced on March 11, 2014.
Today’s charge stems from an investigation conducted by the FBI, IRS Criminal Investigation, United States Postal Inspection Service, and the West Virginia State Police. Assistant United States Attorney Meredith George Thomas is handling the prosecution.