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Illinois Man Convicted Of Laundering Gambling Money

A 65-year-old eastern Illinois man has been found guilty of laundering more than $6 million from an illegal gambling operation and structuring bank deposits to avoid detection.

The U.S. Department of Justice says Jimmy LaCost of Kankakee was convicted Wednesday in Urbana of 55 criminal counts. His sentencing hasn't been set.

LaCost was convicted of laundering $6.4 million from his gambling operation between 2005 and 2009 and depositing the money at a local bank in amounts less than $10,000. Banks are required to report any deposit of $10,000 or more to the IRS.

LaCost and his son, 42-year-old Michael W. LaCost of Kankakee, pleaded guilty in February to providing gaming machines used for illegal gambling in businesses across central Illinois.

Both are waiting to be sentenced for those crimes.

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