The owner of a Houston money remittance service was sentenced today to 22 years in federal prison and ordered to forfeit $24 million, the U.S. Attorney’s office announced in a press release here.
Dong Dang Huynh, owner of U.S. Tours and Remittance Inc. with head offices in Houston and branches in California was previously convicted (read here) of 8 counts of money laundering, plus conspiracy and failing to file Currency Transaction Reports.
Evidence in court show Huynh received money from the sale of Ecstasy manufactured in Canada and sold in the U.S. He instructed a relative working at U.S. Tours to take these huge cash amount from the drug runners, which he said was “special customers.”
The relative, who took wads of cash from these “special customers,” one time taking as much as $500,000, broke them up into smaller pieces and used fictitious names to wire the money to a company in Vietnam controlled by Huynh’s brother.
The brother, in turn, sent the money back to the drug lords in Canada.
All in all, Huynh laundered $24 million in drug money.
Thi Phuong Mai Le, a Canadian citizen, pleaded guilty to money laundering in the same scheme and was previously sentenced to 15 years in prison.
hey bols?avik,
There is rumor that First Vietnamese American Bank is being shut down by the Fed due to numerous violations. Why don’t you investigate it?
First Vietnamese American Bank received “Order to Cease and Desist” On 2/12/09 by FDIC.
Violations per FDIC 2009 :
(a) operating with management whose policies and practices are detrimental to the Bank and jeopardize the safety of its deposits;
(b) operating with a board of directors which has failed to provide adequate supervision over and direction to the active management of the Bank;
(c) operating with inadequate capital in relation to the kind and quality of assets held by the Bank;
(d) operating with a large volume of poor quality loans;
(e) engaging in unsatisfactory lending and collection practices;
(f) operating in such a manner as to produce operating losses;
(g) operating with inadequate provisions for liquidity;
(h) operating with inadequate internal routine and controls policies;
(i) operating with inadequate policies and practices regarding sensitivity to
market risk;
…
2008 This bank received millions of dollars in Federal financial bailout.
January 2007 This bank received another “Order to Cease and Desist”; however, management was able to agree to adopt a number of mandatory changes in financial accounting practices / compliances, and managerial supervision.
There you go. YOu don’t hear about this in the Vietnamese newspapers…..It is time for a CHANGE….
Wow! This bank is having a hard time.
Many banks are in similar dilemma, This bank is just one of hundred regional banks being monitored or ceased by FDIC.
Bank closures by FDIC this week-end September 12, 2009
* Corus Bank, National Association, Chicago, Illinois. $7 billion assets.
* Brickwell Community Bank, Woodbury, Minnesota. $72 million assets.
* Venture Bank, Lacy, Washington. $970 Million assets.
List of banks in troubles.
http://cr4re.com/PBLSept1109.html
Спасибо. было очень интересно.