Frequent Cash Withdrawals Land Springfield Man in Court

A Springfield businessman has pleaded guilty to a federal charge accusing him trying to avoid financial reporting laws by making frequent bank withdrawals.

The U.S. Attorney's office for the western district of Missouri says in a release that 55-year-old Douglas Gooch pleaded guilty late last week to structuring financial transactions to evade federal reporting requirements.

The prosecutor's office says Gooch made several $9,000 cash withdrawals in 2011 and 2015 from his bank account to avoid reports that are required for withdrawing $10,000 or more from a bank. Gooch's withdrawals totaled more than $222,000.

The Springfield News-Leader reports he owns a business selling antiques, jewelry and coins. Gooch faces up to 10 years in prison.