A Bakersfield business owner was arrested on suspicion of financial reporting crimes Friday, according to a Department of Justice news release.

Miguel Antonio Ruiz Jaramillo, 66, was arrested Friday after being indicted Feb. 14 by a federal grand jury on three counts of structuring cash transactions, U.S. Attorney Benjamin B. Wagner announced.

According to the indictment, from January 2010 through July 2012, Jaramillo cashed more than 50 checks from his gardening business at Valley Republic Bank. All the checks were $10,000 or less in order to prevent, or attempt to prevent, the bank from filing a Currency Transaction Report (CTR) on those transactions. In 2010 and 2011, Jaramillo did not declare the structured cash payments on his federal tax returns.

If convicted, Jaramillo faces a maximum statutory penalty of 10 years in federal prison and a $500,000 fine. The charges are only allegations, and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.