Connect with us

Headlines

Pennsylvania Jeweler Pleads Guilty to Money Laundering

He also admitted to failure to file a record of financial transaction.

mm

Published

on

A jewelry store owner in Philadelphia has pleaded guilty to charges of money laundering and failure to file a record of financial transaction.

Wasim Shazad, owner of V. Jewelers on Philadelphia’s Jeweler’s Row, could be sentenced to up to five years in prison, a $250,000 fine and restitution to the IRS, authorities said. Scroll down to watch a news video from WPVI-TV about the case.

He allegedly conducted financial transactions through a series of jewelry purchases made by an IRS undercover agent.

An agent bought jewelry from the store using cash and claimed that his income was from selling drugs, according to authorities. The jewelry consisted of a platinum and diamond necklace sold for $24,000 and a canary diamond and platinum ring sold for $23,000.

Shazad, of Norristown, PA, was accused of failing to report the payments to the federal government.

“Federal laws that regulate the reporting of financial transactions are in place to detect and stop illegal activities,” said Yury Kruty, IRS Criminal Investigation special agent in charge, according to Patch.

Advertisement

Kruty added that the failure to report the transactions “promoted the use of ill-gotten gains within our financial system, which is a crime.”

“His admission of guilt today underscores law enforcement’s tireless commitment to enforcing these laws,” Kruty said.

Shazad’s legal troubles came to light in December 2017, when his store was raided by federal agents.

Advertisement

SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

Promoted Headlines

Most Popular