CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesCrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRS
The couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
Alex and Sam Nguyen, a California couple that owned precious metals businesses in the downtown Los Angeles Jewelry District, have pleaded guilty to conspiracy after allegedly hiding more than $100 million in cash transactions from the IRS.
Los Angeles—A husband-and-wife duo that owned precious metals businesses in the downtown Los Angeles Jewelry District have pleaded guilty to federal criminal charges for allegedly concealing more than $100 million dollars in cash transactions from the United States government.
The couple also failed to maintain an anti-money laundering program and used the unreported cash at other family businesses, at a casino, and for other personal expenses, according to a press release from the U.S. Attorney's Office, Central District of California.
Alex Nguyen, 50, and Sam Nguyen, 52, both residents of Irvine, California, and one of their companies, Newport Gold Post Inc., pleaded guilty to one count of conspiracy.
Alex also pleaded guilty to one count of filing a false tax return.
The attorney for Newport Gold Post did not respond to a request for comment.
From May 2013 to March 2022, the couple owned several family businesses that bought and sold precious metals, including Newport Gold Post, Goldtech Assay Laboratory LLC (doing business as Infinity), Sam Bullion and Coin, and AAPS Bullion, as per their plea agreements.
The businesses allegedly received millions of dollars in cash from their customers.
The Bank Secrecy Act requires business owners to file a Form 8300 with the Internal Revenue Service (IRS) to report cash transactions exceeding over $10,000. The couple repeatedly failed to do that, said the release.
As an example, during a February 2020 transaction, a buyer asked for a receipt after buying 643 ounces of silver for approximately $11,766. Alex was said to have responded “not for cash” and did not ask the buyer for any identification.
Throughout the year, this buyer made several silver purchases, according to officials.
In December 2020, the buyer showed up with a suitcase containing $140,000 in cash. Half of the cash bundles were wrapped in heat-sealed packages.
Alex took the cash and gave the buyer 5,118 ounces of silver. Over a total of four transactions, Alex never filed a Form 8300 with the IRS, said officials.
While operating these businesses, Alex received $200,000 to $1 million in cash per day, said the statement.
With this cash, he purchased precious metals from other businesses in the LA Jewelry District, with an agreement that a Form 8300s would not be filed, as per the release.
Alex and his co-conspirators failed to file Form 8300s on more than 350 occasions, said officials, failing to account for at least $127.4 million in cash that went to Nguyen family businesses.
Related stories will be right here …
The couple also failed to maintain an anti-money laundering program and used the unreported cash at other family businesses, at a casino, and for other personal expenses, according to a press release from the U.S. Attorney's Office, Central District of California.
Alex Nguyen, 50, and Sam Nguyen, 52, both residents of Irvine, California, and one of their companies, Newport Gold Post Inc., pleaded guilty to one count of conspiracy.
Alex also pleaded guilty to one count of filing a false tax return.
The attorney for Newport Gold Post did not respond to a request for comment.
From May 2013 to March 2022, the couple owned several family businesses that bought and sold precious metals, including Newport Gold Post, Goldtech Assay Laboratory LLC (doing business as Infinity), Sam Bullion and Coin, and AAPS Bullion, as per their plea agreements.
The businesses allegedly received millions of dollars in cash from their customers.
The Bank Secrecy Act requires business owners to file a Form 8300 with the Internal Revenue Service (IRS) to report cash transactions exceeding over $10,000. The couple repeatedly failed to do that, said the release.
As an example, during a February 2020 transaction, a buyer asked for a receipt after buying 643 ounces of silver for approximately $11,766. Alex was said to have responded “not for cash” and did not ask the buyer for any identification.
Throughout the year, this buyer made several silver purchases, according to officials.
In December 2020, the buyer showed up with a suitcase containing $140,000 in cash. Half of the cash bundles were wrapped in heat-sealed packages.
Alex took the cash and gave the buyer 5,118 ounces of silver. Over a total of four transactions, Alex never filed a Form 8300 with the IRS, said officials.
While operating these businesses, Alex received $200,000 to $1 million in cash per day, said the statement.
With this cash, he purchased precious metals from other businesses in the LA Jewelry District, with an agreement that a Form 8300s would not be filed, as per the release.
Alex and his co-conspirators failed to file Form 8300s on more than 350 occasions, said officials, failing to account for at least $127.4 million in cash that went to Nguyen family businesses.
In her plea agreement, Sam admitted to intentionally not filing the form for multiple cash transactions.
Officials noted a July 2021 incident when a buyer purchased 50 one-ounce gold bars at Newport Gold for $100,000 in cash, which was wrapped in heat-sealed, shrink wrapping.
Sam told the buyer she preferred when the cash was wrapped up this way, said officials, because she would sometimes receive cash that had been buried underground.
She did not ask the customer about the source of the wrapped cash, did not ask for identification, and did not file a Form 8300, according to the release.
IRS auditors had advised the couple several times to set up an anti-money laundering program, as required by federal law, but they did not.
The couple admitted to lying to federal officials including IRS auditors and the FBI, with both defendants having falsely stated they did not accept cash payments.
From 2016 through 2020, Alex filed inaccurate joint tax returns where he did not report income from the Nguyen family businesses, said the statement.
The couple also took cash from their businesses to a casino, where they received checks totaling more than $1 million, which were deposited into their bank accounts for personal use, said officials.
The total amount in taxes due for all five years may be as high as $1.9 million, as per court documents.
United States District Judge Michelle Williams Court has scheduled a sentencing hearing for June 5.
Alex faces up to eight years in federal prison while Sam will face up to five years. Newport Gold Post will face a statutory maximum sentence of five years of probation and a $500,000 fine.
IRS Criminal Investigation and the FBI are investigating the incidents.
The Latest
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
