Officials with the Internal Revenue Service say the owners of Duncan Outdoors, Inc. have been indicted by a federal grand jury on 21 felony counts of structuring following an eight-month investigation into the locally-owned business.

Jennifer Pollard, IRS criminal investigation division spokesperson, said Tuesday that Gary and Patrice Duncan will be summoned to a Little Rock Federal courtroom at 10 a.m. on Sept. 18 for an initial hearing under Judge J.Thomas Ray.

"When any individual conducts a cash transaction in the amount of $10,000 or greater, the financial institution is required to fill out a CTR report, and that report is then filed with the government," Pollard explained. "What we are alleging is that the Duncans conducted financial transactions in increments less than $10,000 to avoid federal reporting requirements."

The 21 bank transactions reportedly occurred over a span of four years, between Oct. 2007 and Oct. 2011.

The IRS also seized $94,500 from the Duncan’s bank account on Jan. 24 and is seeking a monetary judgment in the amount of $304,300.

If convicted, the Duncans face up to five years in a federal penitentiary and a fine of up to $250,000 for each of the 21 counts.

In a January interview with the Log Cabin Democrat, Gary Duncan said a group of IRS agents arrived at his business on Jan. 24 and advised that they were going to search sales records. Duncan stated that he did not know the agents were coming and that he didn’t have a good understanding as to what they were looking for.

"They stormed in here and pilfered through my store and told me they were checking my record of cash transactions," he said. "They did not tell me what they were searching for or what they found. They told me they were just gathering the information and would be turning it over to other investigators."

Duncan also said that he did not appreciate the way the situation was handled and that he was worried about how the raid would affect his business. "I believe that they (the agents) have done this to other businesses in the state and why we were selected, I don’t know," he said. "However, I believe it was handled poorly. My employees were run off and not told what was going on and I do not like the implications this has on my business. My wife and I have worked for 30 years to build this business and I don’t want to see it ruined by something like this."

 Gary and Patrice Duncan Indictment 9-05-2012