Five people charged in multi-million dollar money laundering conspiracy

HOUSTON (KIAH) – 5 folks in Texas, together with two right here in Houston, are going through costs after investigators say the group conspired to launder thousands and thousands of {dollars}.

Michael Dean Richards seems for his preliminary look earlier than U.S. Justice of the Peace Decide Frances Stacy at 10 a.m. Friday. Authorities arrested Branden Denver Richards and Douglas Paul Michael Davis, who had been additionally from the Dallas-Fort Price Metroplex, final week. They’re additionally set to seem Friday. Vinh Quang Phan, and Diana Le Phan, each of Houston, are scheduled to seem in federal courtroom subsequent week.

A federal grand jury returned an 11-count superseding indictment Oct. 6 charging all 5 with conspiring to launder financial devices and conspiring to interact in financial transactions in criminally derived property.

The Phans are additionally charged with six counts of participating in financial transactions in criminally derived property, operation of an unlicensed cash transmitting enterprise and conspiracy to take action.

The indictment states the Phans ran an unlicensed cash transmitting enterprise that despatched funds obtained in money. Authorities say a few of this cash, together with the money from Michael and Brandon Richards and Davis, had been from trafficking, distribution and sale of managed substances. 

Throughout the 21-month conspiracy, the unlicensed cash transmitting enterprise obtained and transmitted greater than $32 million, in accordance with the costs.

The indictment alleges the Phans both drove the cash throughout the nation or put them within the banking system for transmission via financial institution accounts, digital forex accounts and the acquisition and switch of digital forex. To hold out the conspiracy, Vinh and Diana Phan allegedly used financial institution accounts and digital forex accounts of their names, within the names of three companies they registered with the state of Texas or within the names of co-conspirators. They didn’t register their cash transmitting enterprise with the Division of the Treasury, nor did the state of Texas license them to interact in cash transmission, in accordance with the costs.

All 5 resist 20 years in jail if convicted of conspiracy to launder financial devices and a most of 10 years for conspiring to interact in financial transactions in criminally derived property. The Phans additionally resist 5 years in jail if convicted of conspiring to function or working an unlicensed cash transmitting enterprise.