1/8/2014 7:24 AM
by Rebecca Turco
BLUEFIELD - A former mining supply businessman who worked in southern West Virginia has been sentenced to 16 months in prison for a scheme known as "selling cash."
Michael J. Prasatek, Sr., 67, of Bluefield provided a coal mine operator with bogus invoices for supplies that were never delivered, according to government officials. Prasatek would then deposit the check from the mine operator into his personal bank account, ultimately returning cash to the operator for a fee.
Officials said the idea behind the scam was to file false tax deductions. Prasatek pleaded guilty to structuring thousands of dollars in bank transactions in 2010 and 2011. He was sentenced Tuesday in the U.S. District Court in Bluefield.