Morristown veterinarian sentenced for illegal cash transactions

Morristown veterinarian sentenced for illegal cash transactions

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GREENEVILLE (WATE) - A Morristown veterinarian was sentenced Monday in federal court for illegally structuring cash transactions he deposited in several banks.

Larry Mark Mangum, 56, was sentenced to serve 60 days in prison, five years of probation, pay a $50,000 fine and perform 350 hours of community service.

He pleaded guilty on March 21 to charges that he structuring transactions so he could evade federal reporting requirements. Financial institutions are required to report cash transactions with a customer including deposits, withdrawals or payments in excess of $10,000.

From January-June 2009, Mangum structured $182,500 in cash payments to a home equity line of credit at Regions Bank in Morristown. He made 33 cash payments in amounts ranging from $1,400 to $9,900 over the five-month period.

After he received a letter from Regions in June 2009 warning him of banks' requirements, Mangum stopped making substantial cash payments there.

Instead, he made cash deposits through accounts at Community National Bank, Jefferson Federal Bank and First Tennessee Bank.

Court records show Mangum structured over $400,000 in cash transactions over a two-year period.

During an interview with an IRS criminal investigation special agent on May 19, 2011, Mangum admitted he deposited the large sums because he didn't want the bank to fill out a currency transaction report.

He said the cash represented his life savings, although he didn't offer any further explanation for the source of the money.

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