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.
More on Crime
The Latest
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
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.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
Weekly QuizFeb 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
SourcingFeb 25, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
MajorsFeb 20, 2026
Jewelers Vigilance Committee Names Julie Yoakum Board ChairJVC also announced the election of five new board members.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
