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
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
