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
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
