UPDATE: Odessa Doctor Makes Federal Court Appearance; What his charges mean 5/9/13
CBS 7 News
CBS 7 spoke with several people who work with Dr. Gadasalli.
They say he is very talented and has high expectations in the operating room.
The charges against him have nothing to do with his performance, but his misuse of funds .
According to these court documents obtained by CBS 7. Dr. Suresh Gadasalli is accused of making cash transactions in certain amounts to avoid federal requirements to keep track of cash.
CBS 7 spoke with US Attorney John Klauson who says he cannot comment on a pending case like Gadaselli's, but refereed us to speak with a financial expert to define the doctors charges.
Micky cargile has decades of experience in banking and handling money. He says the charge called "currency structuring" is rare.
"Different agencies like the Homeland Security agency and the IRS can keep up with activity that is not legitimate," Cargile said.
Currency structuring is when a person stays under $10,000 when depositing or withdrawing cash to avoid the money being reported.
This law is meant for tax purposes, tracking drug money, and cargile says after 9/11 it helps prevent money from getting into the wrong hands.
"They want to make sure that the money is not being funnelled to people who have interests that are contrary to the country," Cargile said.
Investigators say Gadasalli made several cash withdrawals from Western National Bank and Prosperity Bank all for under $10,000.
"You can make as many transactions as you want as long as they're legitimate and you keep proper records on why you're using cash," Cargile said.
For example court documents show that Gadasalli deposited an $80,000 check.
but over the next 11 days he withdrew all of the money in cash increments of $4,700, $7,000, $8,200, and then $9,9000 six times in a row.
"That would cause another report to be filed which is a suspicious activity report," Cargile said.
CBS 7 s poke with several local criminal defense lawyers in Midland and Odessa who say its unusual that this charge stands alone, its usually grouped with other criminal charges.
But Gadisalli's lawyers assure CBS 7 the money was not spent on criminal activity and taxes were paid on the withdrawn money.
The Dallas attorney released this statement saying:
"Doctor Gadasalli denies the government’s allegations and intends to vigorously defend himself. This was a complete surprise to us. Most people know that sometimes the government gets things wrong or doesn’t understand the whole picture. We think this is one of those times. We look forward to our day in court. We hope people will keep an open mind and not just accept what the government says, just because it’s the government saying it. ”
Until the case is over The Federal Judge ordered Gadasalli not be around alcohol, dangerous weapons or controlled substances.
He is also not allowed to open new lines of credit or make transactions more than $500 unless its reported.
His next hearing is on May 20.
"The process of using the forms to report activity is a very black-and-white issue, " Cargile said, "However the interpretation of the purpose of those transactions is why we have a court system."
CBS 7 News
UPDATE: 2:05 P.M.
Dr. Suresh Gadasalli’s attorney, Michael J. Uhl stated, “Doctor Gadasalli denies the government’s allegations and intends to vigorously defend himself. This was a complete surprise to us. Most people know that sometimes the government gets things wrong or doesn’t understand the whole picture. We think this is one of those times. We look forward to our day in court. We hope people will keep an open mind and not just accept what the government says, just because it’s the government saying it. ”
UPDATE 11:56 AM - Federal authorities have arrested a prominent local heart surgeon this morning on currency structuring charges.
Doctor Suresh Gadassali with The Healthy Heart Center has had his initial court appearance and CBS 7 has confirmed that he is currently in process of bonding out of custody.
Banks are required to report to a number of agencies any deposit or withdrawal that amounts to ten thousand dollars or more.
According to the local U.S. Attorney’s Office, Gadassali is charged with currency structuring which is the illegal act of breaking up withdrawals or deposits to avoid reaching that ten thousand dollar mark.
An official complaint is expected to be released later today.
Stay with CBS 7 and CBS7.com for the latest on this developing story.
ODESSA - The Odessa American is reporting that Odessa cardiologist Suresh Gadasalli has appeared before a federal court on illegal structuring of transaction charges.
This was Gadasalli's first appearance and, according to U.S. Attorney John Klassen, will make the $100,000 bail that had been set by the court.
For the original story on the OA site: