- Associated Press - Friday, October 9, 2015

NEW ORLEANS (AP) - A Franklinton man has pleaded guilty in a scheme to avoid federal requirements on the reporting of financial transactions.

U.S. Attorney Kenneth Polite (poh-LEET’) says in a news release that 72-year-old Jerry Cox pleaded guilty Thursday.

Prosecutors said Cox had control and access to several financial accounts at different banks. Federal law requires banks to report transactions of more than $10,000. Cox made a series of withdrawals under the reporting threshold - structured to avoid reporting withdrawals that eventually totaled more than $100,000.

Sentencing was set for Jan. 28. He faces a possible prison term of up to 10 years.

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