Former Speaker of the House Dennis Hastert indicted on bank-related charges

CHICAGO, IL -- Federal prosecutors have indicted former U.S. House Speaker House Dennis Hastert on bank-related charges.

Read the full indictment here

Hastert, after leaving the House of Representatives, had been criticized for conducting private business through his government-funded office, but that doesn't appear to be the substance of this indictment.

The indictment alleges that between 2010 and 2014, Hastert withdrew $1.7 million dollars from a variety of different bank accounts he controlled and gave it to an unnamed person, identified at this point only as "Individual A."

Further, the indictment says that Hastert had agreed to provide Individual A with $3.5 million to "compensate for and conceal his prior misconduct against Individual A." The alleged misconduct is not specified in the indictment.

What is laid out is that Hastert began making sizable withdrawals - 15 of them for $50,000 each, and then was questioned by bank officials.

Banks are required to report cash transactions over $10,000. The indictment further says that Hastert then made over 100 withdrawals of less than $10,000 - money that was given to Individual A.

When the FBI questioned Hastert about it, he told agents he didn't feel safe with the banking system, and said "Yeah I kept the cash. That's what I'm doing."

There are two charges in the indictment. One that Hastert allegedly evaded currency transaction reporting requirements, and the other that he lied to the FBI.

Hastert, who was Speaker of the House for eight years, has been a lobbyist in Washington, D.C. from 2008 to the present. He will be arraigned at a later date.

He has not responded for comment.

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