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SAN DIEGO (KUSI) – A San Diego gold exchange company and its managers were convicted Friday of federal financial crimes for a longstanding money laundering operation.
According to US Attorney Global Gold Exchange LLC and manager Richard M. Owen, 52; James Warren, 50; and Jeffrey Morrow, 46, laundered money from a number of illegal sources and fraudulently documented the activity as gold transactions.
The men pleaded guilty to charges which included money laundering, postal fraud and running an unlicensed money transfer business.
Owen was sentenced to two years in prison for money laundering and possession of a firearm, while Warren and Morrow were sentenced to around $ 2 million in assets and pay more than $ 3.6 million, according to the U.S. Attorney’s Office, respectively US dollars in refunds.
The indictment came as a result of a multi-year investigation into “millions of dollars in suspicious transactions” into the office and bank accounts of the Global Gold Exchange.
Their money laundering activities included transactions with a “local Mexican cartel” that instructed customers to lie to law enforcement and tax officials, as well as advising customers to ship Global Gold Exchange packages filled with heavy substances to weigh the weight of gold to imitate.
The defendants admitted, according to their defense arrangements, that the company “operates as an informal money transfer system that facilitates the transfer of money domestically and internationally outside the traditional financial institution system, regardless of source, destination or purpose”. , or the legality of the funds transferred. ”
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