Brother and Sister Sentenced in Money Laundering Scheme
The owners of a toy company were sentenced to 37 months in federal prison after pleading guilty to a money laundering scheme that converted pesos to dollars through their business. According to prosecutors, the owners used their business, ATC to launder money from adrug-trafficking operation from Columbia. Meichun Huang, 58 from Irvine and his sister, Ling Yu, 52 of Arcadia were sentenced last week in federal court.
During a 4 year investigation, authorities tracked more than $8 million in cash deposits to ATC all in an amount under the $10,000 reporting requirements. Once the money was deposited, it was returned after the goods made at ATC were exported and sold, thus “cleaning” the money. As part of their plea agreement, Huang and Yu were ordered to pay $200,000 in restitution and forfeit $1 million to the government.