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LA toy company owners to be sentenced for role in drug money laundering scheme
LOS ANGELES (AP) ' The co-owners of a Los Angeles toy company are expected to be sentenced Tuesday for their role in laundering millions of dollars for Colombian drug traffickers.
Prosecutors are recommending Meichun Cheng Huang and Ling Yu be sentenced up to 15 months in prison after they pleaded guilty to one count of conspiracy to structure currency transactions.
Authorities said the sisters were involved in a complex scheme that saw couriers from drug trafficking groups drop cash at Angel Toy's downtown headquarters or deposit money into company accounts.
The money was then used by a Colombian importer to purchase teddy bears and other stuffed animals. These toys were sent on to Columbia, where the importer sold them and gave the proceeds, in pesos, to the drug traffickers, authorities said.
The company also pleaded guilty to the same charge and will likely have to forfeit $1 million dollars and pay a $200,000 fine.