MONTEREY PARK : 6 Indicted in Scheme to Launder Drug Funds
Six men have been indicted in connection with a money laundering operation that allegedly operated in Monterey Park.
One of the suspects, Michael Chung, 38, of Pico Rivera allegedly laundered more than $1 million in funds derived from narcotics trafficking, said Assistant U.S. Atty. Joseph A. Brandolino. At least $400,000 came in the form of cash that Chung “believed was generated from narcoticsâ€--but in fact was money delivered to the suspect by an undercover Internal Revenue Service agent.
Chung and Jim Mou, 33, of Pico Rivera were charged Tuesday with money laundering and violations of reporting provisions of the Bank Secrecy Act. The five-month investigation by the IRS’ Criminal Investigation Division also resulted in indictments on charges of violating the Bank Secrecy Act against Paul Mou, 30, of Pico Rivera; Andrew Kan, 51, of Alhambra; Piying Tao, 33, of West Covina and John Shen, 41, of Temple City. Authorities said Shen is an honorary member of the board of directors of First Continental Bank.
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