The Federal Government has broken up a large-scale money-laundering scheme allegedly run by the president of a Westminster bank.
Bill Lu, President of Saigon National Bank in Westminster is suspected of being the mastermind of a number of money-laundering schemes as US Attorney spokesman Thom Mrozek explains.
“In some cases Mr. Lu offered to set up a foundation in Liechtenstein in which money could be moved anywhere across the planet. In another scheme we have two operatives linked to the Sinaloa Drug Cartel.”
Lu and 14 other defendants, were arraigned Thursday on charges of involving the RICO act, evidence tampering and moving money to avoid federal reporting. Five more suspects are on the loose, thought to be overseas. Tom Perumean, KABC NEWS.
