Former Speaker Dennis Hastert Indicted for Violating Federal Banking Laws
— The Hill (@thehill) May 29, 2015
Former Speaker of the US House of Representatives Dennis Hastert was indicted Thursday for violating federal banking laws and lying to investigators.
According to the indictment former Speaker Hastert was involved in a scheme to pay an unknown person $3.5 million to rectify a recent impropriety and was trying to game federal banking laws by withdrawing around $950,000 from his various accounts in small enough increments so as to avoid notifying authorities.
When confronted by federal agents about the suspicious withdrawals Hastert allegedly lied to the FBI and said the withdrawn cash was for his own use. The indictment does not identify the individual Hastert paid off or what transgression Hastert committed to warrant the clandestine payments.
After leaving public service in 2007, Hastert became a lobbyist to cash in on his connections and institutional knowledge of Congress. In the wake of the indictment Hastert has resigned from his position at the lobbying firm Dickstein Shapiro.
When serving Congress Hastert had a reputation for corruption perhaps most notably in the instance where he secured a congressional earmark to improve the value of land he owned. Given that the nature of the crime he is accused of committing involves well documented financial transactions it would appear that Hastert is going to have a tough time escaping all the charges brought by prosecutors.