The Richmond Register

Local News

April 12, 2013

Man faces federal theft charges

Charged with stealing $780K from Keeneland

LEXINGTON — A Richmond man has been indicted in federal court on charges he stole $780,000 from Keeneland by overstating the amount of cash he needed to stock the race track’s ATMs.

Larry Wilson faces 12 criminal charges related to wire fraud, filing false tax returns and money laundering.

The indictment states Wilson was hired in 2006 to service the horse racing track’s ATMs. He created cash requests in order to withdraw money from the Keeneland cash room to stock the machines.

Keeneland would submit those requests to JP Morgan Chase Bank, and the currency was delivered to the track via armored truck.

In October 2007, the track stopped submitting separate currency requests to stock the ATMs and instead requested cash from the bank for Keeneland’s operations, some of which was put in the machines, according to the indictment.

“Wilson inflated his requests for cash from the money room, and based on those requests received funds in excess of that needed to stock the ATMs at Keeneland,” the indictment states. “He then converted the excess cash belonging to Keeneland for his personal use.”

Wilson stole $786,080 in this manner during the course of his employment, according to the indictment. He was fired from the racetrack in May 2009, according to the Lexington Herald-Leader.

In addition to the wire fraud, Wilson is accused of filing false tax returns from 2007 to 2010 that understated his yearly income.

He also is accused of taking some of the money intended for the ATMs and depositing it in his mother’s bank account. This is known as “money laundering,” which is an attempt to conceal illegally obtained cash.

Finally, the indictment states Wilson used $40,000 of the funds he obtained through the wire fraud to purchase a 2008 Mustang Shelby from a Richmond car lot.

The money laundering and wire fraud charges carry a penalty of up to 20 years in prison, and using illegally obtained funds in a transaction has a possible sentence of up to 10 years. Filing a false tax return is punishable by a maximum of three years in prison.

Wilson also could be fined more than a million dollars if he is found guilty. The prosecutor also is seeking restitution.

Wilson is scheduled to appear at 1 p.m. May 2 in U.S. District Court in Lexington. The case has been assigned to Senior Judge Joseph M. Hood.

Sarah Hogsed can be reached at shogsed@richmondregister.com or 624-6694.

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