{"id":60172,"date":"2025-12-19T17:23:54","date_gmt":"2025-12-20T01:23:54","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=60172"},"modified":"2025-12-19T21:23:31","modified_gmt":"2025-12-20T05:23:31","slug":"married-jewelry-district-metals-dealers-plead-guilty-in-127-million-cash-reporting-scheme","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=60172","title":{"rendered":"Married Jewelry District Metals Dealers Plead Guilty in $127 Million Cash-Reporting Scheme"},"content":{"rendered":"
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LOS ANGELES<\/strong> \u2014 A husband and wife who own precious-metals businesses in downtown Los Angeles\u2019 Jewelry District, along with one of their companies, pleaded guilty to federal charges stemming from a scheme to conceal millions in cash transactions from the IRS and evade anti\u2013money laundering requirements, prosecutors said.<\/span><\/p>\n

Alex Nguyen, 50, and Sam Nguyen, 52, of Irvine pleaded guilty to conspiracy, and their company, Newport Gold Post Inc., also pleaded guilty. <\/span><\/p>\n

Alex Nguyen additionally pleaded guilty to filing a false tax return.<\/span><\/p>\n

Prosecutors said that from May 2013 to March 2022 the couple\u2019s businesses \u2014 including Newport Gold Post, Goldtech Assay Laboratory (Infinity), Sam Bullion and Coin, and AAPS Bullion \u2014 took in millions in cash but repeatedly failed to file IRS Form 8300s required for transactions over $10,000.<\/span><\/p>\n

Authorities cited multiple silver purchases in 2020, including one in which a buyer arrived with a suitcase holding $140,000 in heat-sealed cash and received more than 5,000 ounces of silver. <\/span><\/p>\n

Prosecutors said Nguyen received $200,000 to $1 million in cash daily and agreed with other dealers not to file the required forms.<\/span><\/p>\n

In total, prosecutors said the defendants failed to file accurate or complete Form 8300s more than 350 times, covering at least $127,446,066 in cash.<\/span><\/p>\n

Sam Nguyen admitted skipping required filings, including a July 2021 $100,000 purchase of 50 one-ounce gold bars paid with shrink-wrapped cash, prosecutors said. <\/span><\/p>\n

The defendants also admitted they did not maintain a required anti\u2013money laundering program and lied to IRS auditors and the FBI about accepting cash.<\/span><\/p>\n

Prosecutors said Alex Nguyen filed false joint tax returns from 2016 to 2020, omitting business income \u2014 including $1,535,330 in 2019 \u2014 and that the couple converted cash into casino checks totaling $1,048,450 for personal use. <\/span><\/p>\n

Total unpaid taxes for the five years were between $1.77 million and $1.87 million, court documents state.<\/span><\/p>\n

Sentencing is set for June 5, 2026<\/strong>, before US District Judge Michelle Williams Court. Alex Nguyen faces up to eight years in prison, Sam Nguyen up to five years, and Newport Gold Post up to five years\u2019 probation and a $500,000 fine. <\/span><\/p>\n

IRS Criminal Investigation and the FBI investigated the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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LOS ANGELES \u2014 A husband and wife who own precious-metals businesses in downtown Los Angeles\u2019 Jewelry District, along with one of their companies, pleaded guilty to federal charges stemming from a scheme…<\/p>\n","protected":false},"author":1,"featured_media":56034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nMarried Jewelry District Metals Dealers Plead Guilty in $127 Million Cash-Reporting Scheme<\/title>\n<meta name=\"description\" content=\"LOS ANGELES \u2014 A husband and wife who own precious-metals businesses in downtown Los Angeles\u2019 Jewelry District, along with one of their companies, pleaded\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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