US: LA Fashion District execs guilty in money laundering case

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December 23, 2017

Two executives of a textile company in the Los Angeles Fashion District have pleaded guilty to agreeing to launder drug money.  Brothers Morad and Hersel Neman, along with their company, entered pleas Friday to conspiracy and other federal charges. They agreed to forfeit more than $3 million to the government.

Prosecutors said the company, Pacific Eurotex Corp. was used to launder about $370,000 by accepting bulk cash payments that were deposited in smaller amounts to avoid bank reporting laws.