Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: SUNDAY, November 19, 1995 TAG: 9511210015 SECTION: VIRGINIA PAGE: D-4 EDITION: METRO SOURCE: ASSOCIATED PRESS DATELINE: LYNCHBURG LENGTH: Short
The jury, after four hours of deliberation, acquitted N. Roger Beidler on one charge of conspiracy and seven counts of money laundering. He was convicted of ``structuring'' - a legal term for breaking large amounts of cash into increments less than $10,000 to avoid filing paperwork necessary for cash transactions of at least $10,000
According to court documents and trial testimony, Beidler deposited $116,500 in cash, often making more than one deposit per day, into various banks in 1991.
The money Beidler deposited, agreed both sides, came from Wendell Wood - an Amherst County man who was convicted this year of running a multimillion-dollar drug and sports-betting ring.
Both sides also agreed Wood gave Beidler money, to invest in an Amherst housing development.
Beidler testified that he took Wood's money not knowing it came from illegal activity He said he made numerous cash deposits because Wood paid him in cash. That way, Beidler said, he avoided a ``Currency Transaction Report'' that the bank must file for any cash transaction of $10,000 or more. Beidler said he did not know what he was doing was illegal and only wanted to avoid gossip.
by CNB