Two people from a Los Angeles toy manufacturing company were sentenced to federal prison late last month after being convicted of helping Mexican and Columbian drug traffickers launder money. Meichun Cheng Huang and Ling Yu were owners of Angel Toy Company, which is known for making plush toys such as teddy bears. According to prosecutors in the case, the toy company was as well known for its toy manufacturing as it was for being an international leader in laundering money for drug cartels.
According to reports, drug traffickers would make deposits either electronically or by cash drop offs to the company's headquarters in downtown Los Angeles. The toy company would then send shipments of toy products overseas to be sold into local economies, effectively “cleaning” the money.
During one four-year period, investigators tracked nearly $8 million in cash deposits to Angel Toy Company's accounts, all in deposits of less than $10,000. The investigation of Huang and Yu's illegal activity was the work of agents from the United States Immigration and Customs Enforcement's Homeland Security Investigations division as well as the California attorney general's Bureau of Narcotics Enforcement. Huang and Yu were each sentenced to three years in a federal prison and fined $20,000. Both were taken into police custody immediately.
Categorised in: Money Laundering