Honolulu, Hawaii 2021-06-19 11:49:58 –
A man from Beijing, China, has been charged in federal court for laundering millions of fraudulent proceeds through real estate on the Big Island of Hawaii.
The federal grand jury returned the indictment on June 10, 2021 and charged 50-year-old Yao Zhungjun with a plot to attempt money laundering. This responsibility is as a project manager for JR Simplot, a China-based entity that acquired Jack Linseed, a producer and distributor of grass seeds and turfgrass based in Liberty Lake, Washington. It comes from the time of Mr. Yao. According to court documents, Yao tricked Simplot into using real estate development on the Big Island to remit funds.
According to the indictment, Yao sought orders for grass seeds from Chinese customers at artificially soaring prices and negotiated kickback payments from those customers in exchange for rebate payments from Simplot. Approved by Jacklin General Manager Christopher Claypool, Yao is a rebate of more than $ 10 million paid by Simplot to Beijing Oasis, with millions of dollars from Beijing Oasis, a Chinese grass seed distributor. Collected kickbacks.
The indictment also alleges that Yao and Claypool colluded to directly scam Simplot.
Specifically, Claypool has arranged for seller fees to be paid to European partners through Citibank Hong Kong’s account in the name of Yao’s wife. Claypool ordered the account to pay over $ 7.3 million in fraudulent commissions between 2008 and 2014.
As part of Yao’s indicted money laundering plot, he and Claypool directed the proceeds of these plans to at least six real estate properties on Big Island.
From March 2010 to June 2016, Yao sent more than 55 remittances from a Hong Kong-managed account to a First Hawaiian Bank account, for a total of more than $ 11.6 million, to use for the acquisition and development of six. did. A parcel under the control of Claypool. From 2010 to October 2018, Claypool developed these properties and sold them for more than $ 11.4 million, after which the proceeds were transferred to the investment account of the brokerage firm Edward Jones.
Claypool was separately charged and found guilty of this plot in Oregon. Most of Yao remains. If convicted, he faces up to 10 years in prison, a fine of over $ 20 million, and a three-year under surveillance release.
The case is being investigated by the IRS Criminal Investigation and the US Department of Agriculture’s Directorate General of Inspection.
China Resident Indicted on Laundering Millions Through Big Island Properties Source link China Resident Indicted on Laundering Millions Through Big Island Properties