By: Richard L. Smith
A Middlesex County man admitted on Wednesday to structuring over $250,000 in bank deposits, U.S. Attorney Philip R. Sellinger announced.
Federal officials said Abdel Elgendy, 67, of Piscataway pleaded guilty before U.S. District Judge Esther Salas in Newark federal court to a charge of structuring.
According to documents filed in this case and statements made in court, from March 2021 to November 2021, Elgendy engaged in a pattern of structuring activity to deposit over $250,000 in cash at financial institutions.
He did this in a way that avoided reporting requirements for transactions exceeding $10,000.
For example, in one instance in September 2021, Elgendy accidentally provided a teller with more than $10,000 to be deposited.
When the teller informed him that the cash totaled more than $10,000, Elgendy took some of the money back to ensure that the deposited amount was less than $10,000.
The charge of structuring to which Elgendy pleaded guilty carries a maximum penalty of 10 years in prison and a fine of $500,000.
Sentencing is scheduled for October 29, 2024.