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Prosecutor dismisses money-laundering charge against Stewart Sachs

April 2, 2013

Stewart Dennis Sachs, the 61-year-old Baltimore financier and community leader who was charged March 18 with failing to file IRS forms regarding loan repayments he received in cash from a drug dealer, is no longer a criminal defendant.

Maryland assistant U.S. attorney Richard Kay on March 29 filed a motion to dismiss the charge and withdraw the warrant for Sachs’ arrest, and U.S. magistrate judge Stephanie Gallagher signed the accompanying order the same day; both documents were entered into the court records today.

Neither the Maryland U.S. Attorney’s Office nor Sachs’ attorney, Andrew Alperstein, immediately responded to requests for comment. Kay’s motion sheds no light on the reason for dismissing the charge, which involves the failure to file a Form 8300, carries a maximum penalty of five years in prison and a $250,000 fine, is characterized by the IRS as a money-laundering violation.

Alperstein previously told City Paper (“Dirty Laundry?” Mobtown Beat, March 27) that Sachs is “working with the government to resolve the issues, and we’re confident that it will work out fine.”

UPDATE: Reached for comment, Alperstein says that “Mr. Sachs is certainly pleased that the charge is dismissed. He maintained it was a paperwork issue, and it is now resolved.”