Originally Posted by
Dan Druff
While I know that some of you don't like garrett, please don't troll in threads like these. I deleted those messages.
This is actually an important topic which I was going to bring up myself.
Some people are ignoring this story because they figure, "I'm not a card counter, so this doesn't affect me."
WRONG.
This isn't at all about card counting. It just so happens that this Dougherty guy made his money through card counting on a blackjack team.
The arrest was actually for "structuring" -- the practice of cashing out large amounts in under-10k increments in order to avoid having to file a CTR form.
For those of you that don't know, the government requires you to fill out a Cash Transaction Report (CTR) whenever more than 10k cash changes hands -- whether you're giving or receiving. This requirement is in place both to prevent money laundering and tax evasion.
Dougherty allegedly cashed out 166k without filing a CTR, by going to the cage each day and cashing out less than 10k.
This is a disturbing development for all high limit gamblers (including poker players), because the government had been relatively lax with enforcing this in casinos up until now.
From what I can tell, Dougherty is not suspected of anything else illegal.