Archive for Wednesday, October 31, 2007
IN BRIEF | Los Angeles County | LOS ANGELES - Woman admits illegal money transactions
A Los Angeles woman pleaded guilty to federal charges of operating an unlicensed money transmitter that illegally funneled hundreds of thousands of dollars to and from South Korea.
Cindy Ahn, 51, owner of Security Trust and Foreign Exchange on Wilshire Boulevard, admitted to transaction transfers of more than $10,000.
She also admitted failing to require records verifying the identity of customers, according to the Los Angeles office of U.S. Immigration and Customs Enforcement.
Ahn has agreed to forfeit illegal proceeds from her business and pay $351,000 in back taxes. She faces up to five years in prison.
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