Jeweler Pleads Guilty to Not Following 8300 Rules

Gary Yee, 33, of Golden Sun Jewelry in West Bloomfield, Mich., pled guilty recently to one count of money laundering after allegedly failing to file Form 8300, mandated by the IRS for cash purchases over $10,000.

A statement from the U.S. attorney’s office claims that, in the early months of 2008, two federal agents posing as marijuana dealers made separate purchases of a $32,000 watch and a $40,000 watch in cash from Yee in the back offices of Golden Sun Jewelers. In both instances, Yee accepted cash payments of over $10,000, the U.S. attorney charged, while assuring the undercover agents that “no paperwork” would be filed. A search of records showed that Golden Sun Jewelers failed to file the required IRS Form 8300s for the cash purchases of the watches.

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