Irvine Couple Pleads Guilty to Tax Evasion and Money Laundering in Precious Metals Case
In a significant legal development, an Irvine couple has pleaded guilty to serious tax-related offenses involving over $127 million from their precious metal businesses. Alex Nguyen, 50, and Sam Nguyen, 52, owned several businesses, including Newport Gold Post, Sam Bullion and Coin, and AAPS Bullion. Federal prosecutors disclosed their guilty pleas on December 19, shedding light on their failure to file essential IRS forms for cash transactions.
The Nature of the Offense
The couple’s businesses operated largely in downtown Los Angeles’ Jewelry District, where they generated staggering daily revenues, sometimes reaching between $200,000 and $1 million. Despite the multiple transactions, they neglected to file IRS Form 8300 as required for cash dealings exceeding $10,000. Prosecutors allege that the Nguyens “knowingly and intentionally” failed to comply with this legal obligation, violating federal regulations designed to combat money laundering and tax evasion.
Methods of Concealing Income
The couple employed various tactics to conceal their cash income. This included hiding cash, utilizing unreported funds in family businesses and casinos, and neglecting to maintain an anti-money laundering program—essential measures that federal law mandates. Their operations involved accepting large cash payments without verifying buyer identification, raising further red flags for illicit activities.
Scale of the Financial Misconduct
Prosecutors detailed that the Nguyens failed to file the necessary IRS forms for over 350 transactions amounting to $127,446,066. In addition to the conspiracy charge, Alex Nguyen also pleaded guilty to filing a false tax return. The couple’s approach to handling cash transactions—such as accepting heat-sealed, shrink-wrapped cash—demonstrates a deliberate disregard for federal guidelines, as illustrated by Sam Nguyen’s comments about preferring cash that had been buried underground.
Tax Filing Irregularities
The Nguyens’ fraudulent scheme extended to their tax filings as well. Alex Nguyen admitted to filing false joint tax returns from 2016 to 2020, omitting substantial business income. In 2019 alone, he failed to report over $1.5 million, leading to significant tax liabilities estimated between $1.77 million and $1.87 million for the five-year period. Moreover, both individuals misled officials when questioned about their acceptance of cash payments.
Legal Consequences Ahead
As a consequence of their actions, Alex Nguyen faces a potential sentence of up to eight years in federal prison, while Sam Nguyen could receive up to five years. Their business, Newport Gold Post, is also at risk of a five-year probation term and substantial financial penalties. The couple’s arraignment is scheduled for June 2026, marking a critical juncture in this high-profile case that highlights the federal government’s stringent enforcement of tax laws in the precious metals industry.
Conclusion
The Nguyen couple’s case serves as a stark reminder of the serious repercussions associated with tax evasion and money laundering. The federal government’s crackdown on such activities underlines the need for business compliance with financial regulations. As taxpayers, it is essential to remain vigilant and adhere to all IRS reporting requirements to avoid similar legal entanglements. The consequences of noncompliance can be severe, as illustrated by this couple’s ongoing legal battle.
This article is based on reporting from www.ocregister.com.
The original version of the story can be found on their website.
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