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Street Cop Podcast

Financial Reporting Requirements with Wayne Comegno

Street Cop Podcast

Street Cop Training

Education

4.9967 Ratings

🗓️ 30 December 2021

⏱️ 5 minutes

🧾️ Download transcript

Summary

In this recent archive episode, Wayne Comegno talks about financial reporting and attempts to avoid reporting it to the state and federal government. Recorded on 07/18/2021. If you like what you are hearing and want to stay in the loop with the latest in Street Cop Training, please follow our Facebook Page: https://www.facebook.com/StreetCopTraining

Transcript

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0:00.0

So I got a question that was

0:02.0

I don't know.

0:03.0

Uh-huh.

0:05.0

You're trying to be a hot-up.

0:07.0

You trying to be a street cop?

0:10.0

So I got a question that was emailed to me yesterday and it's kind of a similar type of situation where a large sum of cash was found and the question is can we seize it we were told we weren were. Again, the individual they asked this question, asked to remain anonymous. So I'm not going to provide too many details on the specific scenario itself. However, the easiest way to kind of go about talking about this is if you

0:34.6

have an individual in your jurisdiction, they're operating a retail establishment, right? They have a convenience

0:39.8

store, let's say. And in that store, they're selling a product illegally and what do I mean by

0:46.0

that not necessarily am I saying they're selling it in illegal product but they're

0:50.5

selling a product illegally so for instance let's just use cigarettes as an example.

0:55.4

Now, the legitimate convenience store can sell cigarettes as long as they follow the cigarette

1:00.0

tax laws.

1:01.0

Right. They have the stamps, they're paying the taxes, they're doing the reporting.

1:04.8

Now, there are those locations that sell cigarettes that aren't stamped.

1:08.6

We're not paying taxes. They're not properly reporting under the state laws

1:12.0

regarding the sale of cigarettes.

1:14.0

Now let's take that as our situation. Now you have an individual that admits to

1:19.2

selling untaxed unstamped cigarettes, criminal activity 100%.

1:24.6

Let's say in the course of your investigation, you conduct a motor vehicle stop that's connected

1:28.9

to this retail establishment and then in the course of your roadside interrogation,

1:33.6

whether it be a search of the vehicle, whether it be the individual admits to it,

1:36.6

you find a large sum of cash in excess of $10,000.

...

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