Pot Co. Exec Admits Duping JPMorgan To Open Bank Account

By Sarah Jarvis (August 18, 2021, 5:10 PM EDT) -- An Oklahoma medical marijuana business principal has pled guilty to federal charges, after federal prosecutors alleged he opened an account with JPMorgan Chase Bank NA under false pretenses to launder proceeds from marijuana sales.

Victor Ngo admitted on Tuesday to making a false statement to the bank and agreed to forfeit more than $621,000, the U.S. Attorney's Office for the Western District of Oklahoma said in a press release. Friendly Management Group LLC, the entity Ngo used to open the bank account, pled guilty to structured money laundering, according to the press release.

The U.S. Attorney's Office said Ngo faces a...

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