A man will spend more than two years behind bars for running a sophisticated $33 million money laundering operation.
He ran a money remittance business where customers gave him cash that was deposited into bank accounts he held under different names.
He thought authorities may not notice millions of dollars of cash being deposited into dozens of bank accounts through $10,000 instalments, but he was wrong.
About 1635 bank deposits were made into 38 different accounts worth more than $12.7 million, between February and October 2021.
He also ran a cryptocurrency remittance operation on the side from April 2021, where more than $16.9 million was laundered.
Another $117,000 was discovered in a Gucci box in his car.
“There was a degree of sophistication over a lengthy period of time, your offending ended only when police arrested you,” Judge Michael Cahill said.
However, he said Wang’s guilty plea showed he was genuinely remorseful for his crime and accepted he had led “an otherwise blameless life” before the offending.
Judge Cahill sentenced Wang, who had been on bail, to a maximum of three years and nine months behind bars.
He must serve two years and six months in prison before he will be eligible for parole and has already served 70 days of that sentence.