CEDAR RAPIDS, Iowa (AP) — An eastern Iowa gun business and its owner have been punished for illegally structuring business transactions in order to avoid federal financial reporting requirements.

Federal prosecutors say Michael Gabriel LLC, of Williamsburg, on Wednesday was given a year of probation, fined $20,000, and ordered to forfeit nearly $375,000.

Michael Gabriel, acting on behalf of Michael Gabriel LLC, admitted in a plea agreement that company personnel structured the transactions so no bank deposits over $10,000 were made between January 2007 and September 2010. Deposits in excess of $10,000 must be reported to federal authorities.

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