Talladega scrap yard owner to forfeit $1.3 million after pleading guilty to structuring cash transactions
BIRMINGHAM, Ala. (AP) - The owner of an Alabama scrap yard is turning over more than $1 million in a plea deal with the federal government.
Prosecutors say 61-year-old Edward M. Hindman pleaded guilty to structuring about $120,000 in bank transactions to avoid government scrutiny.
Hindman is the owner of Hindman's Wrecker Service and Salvage in Talladega. An indictment returned in January accused him of making a series of bank transactions to avoid federal requirements involving amounts of $10,000 or more.
A statement from prosecutors says Hindman agreed to forfeit $1.3 million as he pleaded guilty to structuring cash transactions. Records show prosecutors were initially seeking $8.5 million from the man.
The indictment accused Hindman of engineering the transactions as part of a pattern of illegal activity.
Sentencing is set for June 26.