Businessman Found Guilty of Banking Violations : Trial: Jose Manuel de la Jara is convicted of five counts of currency structuring and acquitted of one count of money laundering. The jury is still deliberating on other counts against him.

Former Orange County businessman Jose Manuel de la Jara, who state and federal officials believe conducted one of the biggest investment scams ever focused on Southern California Latinos, was found guilty Monday of federal banking law violations.

A U.S. District Court jury found De la Jara guilty of five counts of currency structuring, a federal crime that involves depositing funds at numerous financial institutions so as to avoid laws requiring that cash transactions exceeding $10,000 be reported. He is charged with three other counts of currency structuring, which the jury is still considering.

Jurors acquitted De la Jara of one money-laundering count that stemmed from an Internal Revenue Service undercover operation. Federal agents claimed that as part of a sting operation last summer, they had persuaded De la Jara to launder money they told him was drug-related.

De la Jara is also charged with three other counts of money laundering connected to the IRS operation, and these are being deliberated too. If convicted on all of the remaining counts, De la Jara could face a prison term as long as 100 years.

Assistant U.S. Atty. Karin )Immergut accuses De la Jara of having laundered close to $250,000 in drug money. She contends that he drove from bank to bank making small deposits.

“We’re very disappointed,” said Lupe Martinez, a federal public defender who is representing De la Jara. “This was a long, difficult trial.”

In a separate case, a federal grand jury is hearing evidence about De la Jara’s operation of a now-defunct Santa Ana company, American Investment & Finance Group. Federal officials allege that the company bilked $8.2 million from about 1,400 Latino investors in Southern California.

Investigators say American Investment, which promised a 22% rate of return on real estate investments, was nothing more than a scam. The state Department of Corporations is currently selling De la Jara’s property in an effort to recoup some of the money.

De la Jara is also wanted in Lima, Peru, by Interpol, the international police agency, in connection with allegations of misappropriating funds and of swindling customers of a company he once owned there. De la Jara has denied those allegations, saying they are politically motivated.