LOS ANGELES, California — A husband and wife from Irvine have pleaded guilty to federal charges for concealing millions of dollars in cash transactions from the U.S. government, failing to maintain an anti-money laundering program, and using the unreported cash for personal expenses.
Alex Nguyen, 50, and his wife, Sam Nguyen, 52, along with their company Newport Gold Post Inc., admitted to one count of conspiracy, according to a press release from the Department of Justice. Alex Nguyen also pleaded guilty to filing a false tax return. From May 2013 to March 2022, the Nguyens operated several precious metals businesses, including Newport Gold Post and Goldtech Assay Laboratory LLC, which received millions in cash requiring IRS documentation.
The Nguyens repeatedly failed to file Form 8300 with the IRS, as mandated by the Bank Secrecy Act, for transactions over $10,000. In one instance, Alex Nguyen declined to provide a receipt for a cash purchase of silver, stating, “Not for cash,” and did not request identification. Over the course of 2020, the Nguyens engaged in multiple unreported transactions, including one involving $140,000 in cash for silver…