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Asset Recovery and Money Laundering Unit in Newark

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Businessman Admits Laundering $653M In Drug Money Through Banks In NJ, NY, PA Businessman Admits Laundering $653M In Drug Money Through Banks In NJ, NY, PA
Businessman Admits Laundering $653M In Drug Money Through Banks In NJ, NY, PA A businessman admitted laundering what a federal prosecutor called a "staggering" $653 million in drug money by bribing employees in banks and other financial institutions in New Jersey, New York and Pennsylvania. Da Ying Sze, 43, of Queens said during a plea hearing in U.S. District Court in Newark on Tuesday, Feb. 22, that he deposited the cash into accounts in the names of shell companies and conspirators. Sze said he laundered the money from 2016 to 2021 by buying bank checks, writing personal and business checks and making international and domestic wires to thousands of individuals an…

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by Jerry DeMarco