The Guilty Pleas Unravel a Long-Running Scheme (Image Credits: Sbsun.com)
Irvine, California – A prominent couple in the local jewelry industry faced federal scrutiny after admitting to concealing over $127 million in cash transactions from tax authorities.
The Guilty Pleas Unravel a Long-Running Scheme
Federal prosecutors revealed details of a sophisticated operation that spanned several years. The husband and wife, who owned multiple businesses in the precious metals sector, entered guilty pleas on December 19, 2025. Their actions involved deliberately underreporting cash sales to evade income taxes and other obligations.
One of their companies also accepted responsibility for the violations. Authorities described the scheme as a clear attempt to hide substantial revenue streams generated from high-volume cash dealings in the Jewelry District of downtown Los Angeles. This case highlights ongoing efforts to combat financial opacity in cash-heavy industries.
Details of the Concealed Transactions
Investigators uncovered evidence that the couple failed to record millions in cash inflows from their operations. Between 2014 and 2021, they allegedly structured deals to avoid triggering mandatory reporting requirements for large cash transactions. This included splitting sales into smaller amounts just below federal thresholds…