{"id":12457,"date":"2015-06-01T13:01:41","date_gmt":"2015-06-01T20:01:41","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=12457"},"modified":"2015-06-01T13:07:10","modified_gmt":"2015-06-01T20:07:10","slug":"chinese-immigrant-involved-in-black-market-forfeits-money-and-loses-u-s-citizenship","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=12457","title":{"rendered":"Chinese Immigrant Involved in “Black Market” Forfeits Money and Loses U.S. Citizenship"},"content":{"rendered":"

\"Federal<\/a>LOS ANGELES<\/strong><\/p>\n

 <\/p>\n

The owner of a Fashion District import-export business plead guilty Friday to federal charges stemming from an investigation into \u201cBlack Market Peso Exchange<\/strong>\u201d schemes that are used by international drug cartels to launder and send narcotics profits out of the United States, officials said.<\/p>\n

Xilin Chen<\/strong>, the\u00a0owner of businesses known as Yili Underwear and Gayima Underwear, plead guilty in U.S. District Court, officials said.<\/p>\n

In a plea agreement, Chen will forfeit hundreds of thousands of dollars in assets and will result in the loss of his U.S. citizenship.<\/p>\n

Chen<\/strong>, 55, of Temple City, pleaded guilty to three felony counts \u2013 knowingly passing false documents through a customhouse in U.S., conspiracy to launder money, and unlawful procurement of citizenship, according to authorities.<\/p>\n

Officials allege that Chen also admitted that he received bulk cash at his business that he had good reason to believe was from illegal activity, specifically drug trafficking. He also\u00a0deliberately avoided finding out about the cash that was being delivered to his businesses.<\/p>\n

The investigation into Chen\u2019s companies was part of a larger investigation into Black Market Peso Exchange or BMPE schemes in the Fashion District.<\/p>\n

Here is how the BMPE scheme worked:<\/strong><\/p>\n