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UPDATED: Feds indict local business owners

Posted: September 11, 2012 - 11:16am
In this Jan. 24 file photo, several unmarked government vehicles block the driveway to Duncan Outdoors, Inc. The business is owned by Gary and Patrice Duncan.   LOG CABIN DEMOCRAT
LOG CABIN DEMOCRAT
In this Jan. 24 file photo, several unmarked government vehicles block the driveway to Duncan Outdoors, Inc. The business is owned by Gary and Patrice Duncan.

Officials with the Internal Revenue Service say the owners of Duncan Outdoors, Inc. have been indicted by a federal grand jury on 21 felony counts of structuring following an eight-month investigation into the locally-owned business.

Jennifer Pollard, IRS criminal investigation division spokesperson, said Tuesday that Gary and Patrice Duncan will be summoned to a Little Rock Federal courtroom at 10 a.m. on Sept. 18 for an initial hearing under Judge J.Thomas Ray.

“When any individual conducts a cash transaction in the amount of $10,000 or greater, the financial institution is required to fill out a CTR report, and that report is then filed with the government,” Pollard explained. “What we are alleging is that the Duncans conducted financial transactions in increments less than $10,000 to avoid federal reporting requirements.”

The 21 bank transactions reportedly occurred over a span of four years, between Oct. 2007 and Oct. 2011.

The IRS also seized $94,500 from the Duncan’s bank account on Jan. 24 and is seeking a monetary judgment in the amount of $304,300.

If convicted, the Duncans face up to five years in a federal penitentiary and a fine of up to $250,000 for each of the 21 counts.

In a January interview with the Log Cabin Democrat, Gary Duncan said a group of IRS agents arrived at his business on Jan. 24 and advised that they were going to search sales records. Duncan stated that he did not know the agents were coming and that he didn’t have a good understanding as to what they were looking for.

“They stormed in here and pilfered through my store and told me they were checking my record of cash transactions,” he said. “They did not tell me what they were searching for or what they found. They told me they were just gathering the information and would be turning it over to other investigators.”

Duncan also said that he did not appreciate the way the situation was handled and that he was worried about how the raid would affect his business. “I believe that they (the agents) have done this to other businesses in the state and why we were selected, I don’t know,” he said. “However, I believe it was handled poorly. My employees were run off and not told what was going on and I do not like the implications this has on my business. My wife and I have worked for 30 years to build this business and I don’t want to see it ruined by something like this.”

 Gary and Patrice Duncan Indictment 9-05-2012

NOTICE OF SEIZURE U.S. TREASURY DEPARTMENT INTERNAL REVENUE SERVICE

 

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Megan Reynolds
7849
Points
Megan Reynolds 09/11/12 - 11:20 am
10
0
Patience, please.

I am dealing with the federal government, so patience is a must. I am still waiting on a copy of the indictment to confirm specific charges. I will post those as soon as they are available but I expect that information will be forthcoming shortly.

BuzzBy
17777
Points
BuzzBy 09/11/12 - 11:39 am
11
2
The IRS
Unpublished

Has a long history for going after people that can't afford high dollar lawyers to protect their interest. They go after the little guy for small stuff and let millionaire tax dodgers walk off free because the agent don't have the time and budget to fighter their lawyers.

Tjernobyl_Child
3300
Points
Tjernobyl_Child 09/11/12 - 12:02 pm
11
2
Support

I do not need any new winter riding gloves, but I will be buying some today out of support... or maybe as much out of defiance against the IRS. Either way, good luck Gary and Patrice.

mikeng1994
10387
Points
mikeng1994 09/11/12 - 12:34 pm
3
8
What?

"My wife and I have worked for 30 years to build this business"
Wrong answer,

Sincerily,

Prez B.O.

It would appear that a former editor might have been on to something tho.

Battlecat
1051
Points
Battlecat 09/11/12 - 02:56 pm
4
4
Umm

I'm pretty sure that this stems from the Patriot Act of 2001. Which was "To protect" Americans. Now, it's being used to Target Americans.

This is where rhetoric and reality should separate Mike. Yeah, George Bush Signed this in to law yet B.O. Extended it. They are two peas in a pod.

Battlecat
1051
Points
Battlecat 09/11/12 - 03:10 pm
4
4
Oh yeah

And this guy voted to extend it too.

http://griffin.house.gov/press-release/griffin-votes-extend-three-patrio...

Sometimes the people you think are on your side are as evil as those that they pretend to oppose.

DJB1971
15050
Points
DJB1971 09/11/12 - 03:36 pm
3
1
When you assume...

...we all know what you make out of yourself.

This is from a simple Google search (less than 10 seconds):

"The currency transaction report was initiated by the Bank Secrecy Act in 1970."

http://www.investopedia.com/terms/c/ctr.asp

Battlecat
1051
Points
Battlecat 09/11/12 - 03:40 pm
2
3
Well,

Is not what my 10 second google searched turned up. AND, I said that "I'm pretty sure" not that it was indisputable facts nor that I dared anyone to disagree. So LMB's!

Trin
1018
Points
Trin 09/11/12 - 01:25 pm
9
4
oh puhhleeeze. You don't

oh puhhleeeze. You don't raided by the Feds and INDICTED for nothing. When will you people wake up???

BuzzBy
17777
Points
BuzzBy 09/11/12 - 01:44 pm
10
3
Because the Government
Unpublished

Is always correct and is there for your own good.

Signed
Nazi Germany
The SS and
Adlof Hitler

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