Jeweler's Row Business Owner Admits To Money Laundering

Philadelphia PA

10 March, 2022

9:41 AM

Description

PHILADELPHIA — The owner of a business on Philadelphia's Jewelry Store Row admitted to money laundering, according to federal authorities. Wasim Shazad, of Norristown, pleaded guilty to charges of money laundering and failure to file records of financial transactions, the IRS said. Shazad is the owner of V. Jewelers on Sansom Street in Philadelphia. Authorities said Shazad conducted financial transactions through a series of high-end jewelry purchases made by an IRS Undercover Agent. Shazad sold a woman's platinum and diamond necklace, with 16.56 total diamond carat weight, for $24,000 in cash to an IRS undercover agent. HE also sold a 2.01-carat canary diamond and platinum ring for $23,000 in cash to the IRS undercover agent. For both sales, the undercover agent told Shazad that his source of income was the sale of illegal drugs. Authorities said Shazad failed to file an IRS Form 8300 for both cash payments from the agent. "Federal laws that regulate the reporting of financial transactions are in place to detect and stop illegal activities," said IRS Criminal Investigation Special Agent in Charge Yury Kruty. "SHAZAD'S actions promoted the use of ill-gotten gains within our financial system, which is a crime. His admission of guilt today underscores law enforcement's tireless commitment to enforcing these laws." Shazad faces a maximum possible sentence of five years in prison, a $250,000 fine, and full restitution paid to the IRS.