Money seized from Iowa gun show company - KWWL - Eastern Iowa Breaking News, Weather, Closings

Money seized from Iowa gun show company

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IOWA CITY (KWWL) -

More than $90,000 has been seized from a Manchester gun show company's bank accounts. Investigators say R. K. Gun Shows, Inc. and related companies deposited more than $1 million in accounts in dollar amounts just below Internal Revenue Service guidelines.

IRS rules require banks to disclose deposits or withdrawals larger than $10,000. Officials say R. K. Gun Shows was attempting to avoid the rules by making deposits just under that dollar amount. U.S. Magistrate Judge Jon Scoles said there was probable cause to support the seizure. 

The owners of the company, Joyce and Rex Kehrli, want the money back. They filed a complain saying they did nothing wrong and did not know about the rules.

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