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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!